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

Key Points

• Zacks Research upgraded Gogo from “strong sell” to “hold,” while analysts overall maintain a consensus “Hold” rating with an $8.50 price target.
• Gogo shares opened at $2.30, near the company’s 52-week low of $2.05 and well below its 52-week high of $9.93; the stock has a market capitalization of about $312 million.
• The company’s latest quarterly results missed expectations, with EPS of $0.03 versus a $0.06 estimate and revenue of $222.81 million versus $229.35 million expected. Institutional investors own approximately 69.6% of Gogo’s stock.

Gogo (NASDAQ:GOGO - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Monday, Zacks reports.

Several other equities analysts have also commented on GOGO. Weiss Ratings lowered shares of Gogo from a "hold (c-)" rating to a "sell (d)" rating in a report on Monday, August 17th. Roth Capital reissued a "buy" rating on shares of Gogo in a research note on Friday, August 7th. Finally, Wall Street Zen upgraded shares of Gogo from a "sell" rating to a "hold" rating in a research report on Saturday, September 5th. One investment 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. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $8.50.

Gogo Price Performance

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

Gogo (NASDAQ:GOGO - Get Free Report) last released its earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company 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 period last year, the company posted $0.09 earnings per share. As a group, equities analysts predict that Gogo will post 0.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. WINTON GROUP Ltd increased 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 purchasing an additional 13,500 shares in 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 stake in shares of Gogo during the second quarter worth $172,000. Finally, Amundi increased its holdings in shares of Gogo by 59.9% during the second quarter. Amundi now owns 66,931 shares of the technology company's stock worth $207,000 after buying an additional 25,086 shares in the last quarter. Institutional investors own 69.60% of the company's stock.

Gogo Company Profile

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.

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