Gogo (NASDAQ:GOGO) Raised to Hold at Zacks Research

Gogo (NASDAQ:GOGO) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

GOGO has been the topic of several other reports. Wall Street Zen raised shares of Gogo from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. Roth Capital reaffirmed a “buy” rating on shares of Gogo in a research report on Friday, August 7th. Finally, Weiss Ratings downgraded Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, August 17th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.50.

Gogo Stock Performance

GOGO stock opened at $2.30 on Monday. The company has a quick ratio of 1.21, a current ratio of 1.73 and a debt-to-equity ratio of 6.74. The company has a market capitalization of $311.67 million, a price-to-earnings ratio of 230.00 and a beta of 1.22. Gogo has a 12 month low of $2.05 and a 12 month high of $9.93. The firm has a 50 day moving average of $2.82 and a two-hundred day moving average of $3.58.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Thursday, August 6th. The technology company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The business had revenue of $222.81 million for the quarter, compared to analyst estimates of $229.35 million. Gogo had a positive return on equity of 22.55% and a negative net margin of 0.09%.The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 EPS. As a group, equities analysts anticipate that Gogo will post 0.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GOGO. WINTON GROUP Ltd lifted its position in Gogo by 43.0% during the 2nd quarter. WINTON GROUP Ltd now owns 44,900 shares of the technology company’s stock worth $139,000 after acquiring an additional 13,500 shares during the last quarter. Engineers Gate Manager LP increased its stake in shares of Gogo by 10.8% in the second quarter. Engineers Gate Manager LP now owns 54,316 shares of the technology company’s stock worth $168,000 after purchasing an additional 5,282 shares during the period. Baird Financial Group Inc. acquired a new position in shares of Gogo during the 2nd quarter worth about $174,000. Corient Private Wealth LP bought a new stake in Gogo during the 2nd quarter valued at approximately $172,000. Finally, Amundi grew its holdings in Gogo by 59.9% in the 2nd quarter. Amundi now owns 66,931 shares of the technology company’s stock valued at $207,000 after buying an additional 25,086 shares during the last quarter. 69.60% of the stock is currently owned by institutional investors and hedge funds.

About Gogo

Gogo Inc (NASDAQ: GOGO) provides broadband connectivity and related communications services for the business aviation market. Its offerings are designed to give passengers and flight crews internet access in the air, supporting activities such as web browsing, email, streaming and other connected applications.

The company’s portfolio includes air-to-ground connectivity services, onboard Wi-Fi systems, satellite-based connectivity and related hardware, software and support services. Gogo also offers Gogo Galileo, a global broadband service intended to extend high-speed connectivity to business aircraft operating beyond the coverage of traditional air-to-ground networks.

Gogo was founded in 1991 as Aircell and adopted the Gogo brand in 2009.