Bank of America Corp DE Boosts Stock Position in Gogo Inc. $GOGO

Key Points

• Bank of America increased its Gogo stake by 244.1% in the first quarter, acquiring 3.79 million additional shares to own 5.34 million shares, or approximately 3.95% of the company. Institutional investors collectively hold 69.6% of Gogo’s outstanding stock.
• Analyst sentiment is mixed, with one Buy, three Hold, and one Sell rating; MarketBeat reports an overall Hold consensus and an average price target of $8.50.
• Gogo shares opened at $2.62, near their 12-month low of $2.61, after the company missed quarterly earnings and revenue estimates. Quarterly EPS was $0.03 versus the $0.06 consensus, while revenue fell 1.4% year over year to $222.81 million.

Bank of America Corp DE boosted its stake in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) by 244.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,340,615 shares of the technology company's stock after acquiring an additional 3,788,659 shares during the quarter. Bank of America Corp DE owned about 3.95% of Gogo worth $21,469,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new position in Gogo during the fourth quarter worth about $27,000. Quarry LP raised its position in Gogo by 86.1% in the third quarter. Quarry LP now owns 7,171 shares of the technology company's stock worth $62,000 after acquiring an additional 3,318 shares in the last quarter. PNC Financial Services Group Inc. lifted 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 acquiring an additional 5,536 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Gogo by 300.1% in the second quarter. Tower Research Capital LLC TRC now owns 8,163 shares of the technology company's stock valued at $120,000 after acquiring an additional 6,123 shares during the period. Finally, Focus Partners Wealth purchased a new stake in shares of Gogo during the 3rd quarter worth $72,000. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GOGO has been the topic of a number of research reports. Roth Capital restated a "buy" rating on shares of Gogo in a report on Friday, August 7th. Weiss Ratings raised Gogo from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, August 3rd. Wall Street Zen downgraded Gogo from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Zacks Research downgraded shares of Gogo from a "hold" rating to a "strong sell" rating in a report on Friday, August 7th. Finally, Morgan Stanley cut 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 report on Thursday, May 21st. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $8.50.

Gogo Stock Down 3.0%

GOGO opened at $2.62 on Wednesday. The company has a debt-to-equity ratio of 6.74, a current ratio of 1.73 and a quick ratio of 1.21. The stock has a market capitalization of $355.04 million, a price-to-earnings ratio of 262.00 and a beta of 1.13. The business has a 50-day moving average of $3.53 and a two-hundred day moving average of $4.06. Gogo Inc. has a 12 month low of $2.61 and a 12 month high of $12.50.

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). Gogo had a positive return on equity of 22.55% and a negative net margin of 0.09%.The company had revenue of $222.81 million during the quarter, compared to analyst estimates of $229.35 million. During the same period in the prior year, the business posted $0.09 earnings per share. Gogo's revenue was down 1.4% on a year-over-year basis. On average, research analysts expect that Gogo Inc. will post 0.14 earnings per share for the current year.

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.

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