Gogo (NASDAQ:GOGO) Stock Moved Down to "Sell" by Wall Street Zen

Key Points

• Wall Street Zen downgraded Gogo from “Hold” to “Sell,” while analysts overall maintain a “Hold” consensus and an $8.50 price target.
• Gogo’s shares opened at $2.17, near their 12-month low of $1.96 and well below the 12-month high of $9.93; the company also carries a high debt-to-equity ratio of 6.74.
• Gogo’s latest quarterly results missed expectations, with EPS of $0.03 versus $0.06 expected and revenue of $222.81 million versus $229.35 million estimated.

Gogo (NASDAQ:GOGO - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other analysts have also recently commented on the stock. Zacks Research upgraded shares of Gogo from a "strong sell" rating to a "hold" rating in a research report on Monday, October 5th. Weiss Ratings lowered shares of Gogo from a "hold (c-)" rating to a "sell (d)" rating in a research note on Monday, August 17th. Finally, Roth Capital reissued a "buy" rating on shares of Gogo in a research report on Friday, August 7th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $8.50.

Gogo Price Performance

NASDAQ GOGO opened at $2.17 on Friday. Gogo has a twelve month low of $1.96 and a twelve month high of $9.93. The company has a debt-to-equity ratio of 6.74, a quick ratio of 1.21 and a current ratio of 1.73. The stock has a market capitalization of $294.06 million, a PE ratio of 11.10 and a beta of 1.22. The stock has a 50-day simple moving average of $2.43 and a 200 day simple moving average of $3.40.

Gogo (NASDAQ:GOGO - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The technology company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). The firm 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%. Gogo's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.09 EPS. Research analysts anticipate that Gogo will post 0.03 EPS for the current year.

Institutional Trading of Gogo

Institutional investors and hedge funds have recently made changes to their positions in the company. WINTON GROUP Ltd grew its holdings in shares of Gogo by 43.0% during the 2nd quarter. WINTON GROUP Ltd now owns 44,900 shares of the technology company's stock valued at $139,000 after purchasing an additional 13,500 shares during the last quarter. Engineers Gate Manager LP boosted its position in Gogo by 10.8% in the second quarter. Engineers Gate Manager LP now owns 54,316 shares of the technology company's stock valued at $168,000 after buying an additional 5,282 shares in the last quarter. Baird Financial Group Inc. bought a new stake in shares of Gogo during the second quarter worth $174,000. Corient Private Wealth LP bought a new position in shares of Gogo in the 2nd quarter valued at $172,000. Finally, Amundi lifted its stake in shares of 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 acquiring an additional 25,086 shares during the last quarter. Institutional investors own 69.60% of the company's stock.

About Gogo

Gogo Inc is an aviation connectivity and broadband services company that provides internet access, entertainment, and communications solutions for business and commercial aircraft. Its offerings are designed to help passengers and flight crews stay connected while in the air through a combination of air-to-ground and satellite-based technologies.

Gogo's business aviation portfolio includes the AVANCE connectivity platform, which supports in-flight Wi-Fi and related services, as well as equipment, software, and network management solutions for private and business aircraft.

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