Gogo (NASDAQ:GOGO) Sets New 1-Year Low – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO) hit a new 52-week low on Friday . The company traded as low as $3.81 and last traded at $3.8050, with a volume of 1382711 shares traded. The stock had previously closed at $4.12.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Gogo from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, May 12th. Morgan Stanley decreased their target price on shares of Gogo from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, May 21st. Finally, Roth Mkm set a $12.00 target price on shares of Gogo in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $9.50.

Gogo Stock Performance

The firm has a market capitalization of $512.56 million, a PE ratio of 34.45 and a beta of 1.09. The company has a current ratio of 1.66, a quick ratio of 1.27 and a debt-to-equity ratio of 6.89. The business’s 50 day simple moving average is $4.30 and its two-hundred day simple moving average is $4.78.

Insiders Place Their Bets

In related news, Director Charles C. Townsend bought 158,591 shares of the firm’s stock in a transaction on Thursday, March 12th. The stock was acquired at an average cost of $4.57 per share, for a total transaction of $724,760.87. Following the purchase, the director owned 418,686 shares in the company, valued at approximately $1,913,395.02. This represents a 60.97% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 25.60% of the company’s stock.

Institutional Investors Weigh In On Gogo

A number of hedge funds have recently modified their holdings of the business. Nantahala Capital Management LLC bought a new stake in shares of Gogo during the 4th quarter valued at $31,654,000. Vanguard Group Inc. grew its position in shares of Gogo by 6.3% during the 3rd quarter. Vanguard Group Inc. now owns 6,651,058 shares of the technology company’s stock valued at $57,133,000 after acquiring an additional 396,236 shares during the period. William Blair Investment Management LLC grew its position in shares of Gogo by 6.9% during the 3rd quarter. William Blair Investment Management LLC now owns 6,067,663 shares of the technology company’s stock valued at $52,121,000 after acquiring an additional 393,830 shares during the period. Bank of America Corp DE grew its position in shares of Gogo by 244.1% during the 1st quarter. Bank of America Corp DE now owns 5,340,615 shares of the technology company’s stock valued at $21,469,000 after acquiring an additional 3,788,659 shares during the period. Finally, State Street Corp grew its position in shares of Gogo by 7.0% during the 4th quarter. State Street Corp now owns 3,136,833 shares of the technology company’s stock valued at $14,618,000 after acquiring an additional 204,296 shares during the period. Institutional investors own 69.60% of the company’s stock.

Gogo Company Profile

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.