Gogo Inc. (NASDAQ:GOGO) Stock Has Consensus Price Target of $8.50 According to Brokerages

Key Points

• Analysts have a cautious outlook on Gogo: the stock carries an average “Reduce” rating from five analysts, with a consensus 12-month price target of $8.50. Ratings include two sells, two holds, and one buy.
• Gogo shares opened at $2.23, near their 52-week low of $2.20 and well below the $9.93 high. The company’s latest quarterly results missed expectations, reporting $0.03 in EPS 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, while the company continues developing its Gogo Galileo low-Earth-orbit satellite broadband service to expand in-flight connectivity coverage.

Gogo Inc. (NASDAQ:GOGO - Get Free Report) has earned an average rating of "Reduce" from the five analysts that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $8.50.

A number of equities analysts recently commented on GOGO shares. Wall Street Zen upgraded Gogo from a "sell" rating to a "hold" rating in a report on Saturday, September 5th. Zacks Research cut shares of Gogo from a "hold" rating to a "strong sell" rating in a research report on Friday, August 7th. Roth Capital reissued a "buy" rating on shares of Gogo in a research note on Friday, August 7th. Finally, Weiss Ratings lowered shares of Gogo from a "hold (c-)" rating to a "sell (d)" rating in a research note on Monday, August 17th.

Gogo Stock Up 0.5%

Shares of NASDAQ GOGO opened at $2.23 on Wednesday. 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 business's 50 day moving average is $2.99 and its two-hundred day moving average is $3.66. Gogo has a 52-week low of $2.20 and a 52-week high of $9.93. The firm has a market cap of $302.18 million, a price-to-earnings ratio of 223.00 and a beta of 1.03.

Gogo (NASDAQ:GOGO - Get Free Report) last released 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 firm had revenue of $222.81 million for the quarter, compared to analysts' expectations of $229.35 million. Gogo had a positive return on equity of 22.55% and a negative net margin of 0.09%.The company's quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.09 earnings per share. Research analysts predict that Gogo will post 0.03 EPS for the current year.

Hedge Funds Weigh In On Gogo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Gogo during the fourth quarter worth $27,000. PNC Financial Services Group Inc. boosted its holdings in Gogo by 310.7% in the first quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company's stock valued at $29,000 after purchasing an additional 5,536 shares during the period. State of Wyoming acquired a new position in Gogo during the 1st quarter worth $34,000. Two Sigma Securities LLC acquired a new position in Gogo during the 2nd quarter worth $41,000. Finally, Vestcor Inc purchased a new stake in Gogo during the 4th quarter worth about $70,000. Hedge funds and other institutional investors own 69.60% of the company's stock.

About Gogo

Gogo Inc NASDAQ: GOGO provides broadband connectivity and wireless entertainment services for the aviation industry. The company primarily serves business aviation operators, including private jets and charter fleets, with in-flight internet access, streaming entertainment, voice and messaging capabilities, and related connectivity services.

Gogo offers air-to-ground connectivity through its existing network and is developing Gogo Galileo, a low-Earth-orbit satellite-based broadband service designed to expand coverage and deliver higher-speed connectivity to aircraft operating beyond the reach of traditional air-to-ground systems.

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