BlackRock Inc. bought a new stake in Gogo Inc. (NASDAQ:GOGO - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,123,992 shares of the technology company's stock, valued at approximately $18,984,000. BlackRock Inc. owned about 4.53% of Gogo at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in shares of Gogo during the 4th quarter worth approximately $27,000. Quarry LP grew its holdings in shares of Gogo by 86.1% in the third quarter. Quarry LP now owns 7,171 shares of the technology company's stock valued at $62,000 after acquiring an additional 3,318 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of 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 in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Gogo by 300.1% during 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 last quarter. Finally, Focus Partners Wealth bought a new stake in Gogo during the third quarter worth $72,000. 69.60% of the stock is currently owned by hedge funds and other institutional investors.
Gogo Stock Performance
NASDAQ:GOGO opened at $2.65 on Friday. 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 business has a fifty day simple moving average of $3.34 and a two-hundred day simple moving average of $3.93. Gogo Inc. has a 1 year low of $2.45 and a 1 year high of $11.11. The company has a market capitalization of $359.10 million, a P/E ratio of 265.00 and a beta of 1.03.
Gogo (NASDAQ:GOGO - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The technology company reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). Gogo had a negative net margin of 0.09% and a positive return on equity of 22.55%. The firm had revenue of $222.81 million for the quarter, compared to analysts' expectations of $229.35 million. During the same period in the prior year, the company earned $0.09 EPS. The firm's quarterly revenue was down 1.4% on a year-over-year basis. On average, analysts expect that Gogo Inc. will post 0.14 earnings per share for the current year.
Analyst Upgrades and Downgrades
Several research firms have weighed in on GOGO. Roth Capital reissued a "buy" rating on shares of Gogo in a research report on Friday, August 7th. Zacks Research cut Gogo from a "hold" rating to a "strong sell" rating in a research note on Friday, August 7th. Weiss Ratings lowered shares of Gogo from a "hold (c-)" rating to a "sell (d)" rating in a research report on Monday, August 17th. Wall Street Zen downgraded shares of Gogo from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Finally, Morgan Stanley lowered their price objective on shares of Gogo from $8.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 21st. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Gogo has an average rating of "Reduce" and a consensus target price of $8.50.
Read Our Latest Analysis on Gogo
Gogo Profile
(
Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Gogo, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Gogo wasn't on the list.
While Gogo currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The AI boom extends far beyond the biggest tech names. Discover 10 companies supplying the memory, storage, networking, semiconductor manufacturing, and power infrastructure that make AI possible. Learn where the next wave of AI investment opportunities may emerge—and the key risks investors should watch as the global AI buildout accelerates.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
