UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Decreases Position in Gogo Inc. $GOGO

Key Points

• UBS Asset Management cut its Gogo position by 52.7% in the second quarter, selling 435,072 shares and retaining 390,771 shares worth approximately $1.21 million. Institutional investors collectively own 69.6% of Gogo.
• Gogo reported quarterly EPS of $0.03, below the $0.06 analyst consensus, while revenue of $222.81 million also missed expectations and declined 1.4% year over year.
• Gogo shares opened at $2.62, near their 12-month low of $2.45. Analyst sentiment is cautious, with an average “Reduce” rating and a consensus price target of $8.50.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its position in Gogo Inc. (NASDAQ:GOGO - Free Report) by 52.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 390,771 shares of the technology company's stock after selling 435,072 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.29% of Gogo worth $1,211,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in GOGO. Caitong International Asset Management Co. Ltd acquired a new stake in Gogo in the 4th quarter valued at about $27,000. PNC Financial Services Group Inc. raised its position in Gogo by 310.7% during the first quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company's stock worth $29,000 after acquiring an additional 5,536 shares during the last quarter. State of Wyoming acquired a new position in Gogo during the first quarter worth about $34,000. Stifel Financial Corp purchased a new stake in shares of Gogo in the fourth quarter valued at about $52,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Gogo in the fourth quarter valued at about $54,000. Institutional investors and hedge funds own 69.60% of the company's stock.

Gogo Stock Performance

Shares of NASDAQ GOGO opened at $2.62 on Friday. The company has a 50-day simple moving average of $3.27 and a 200-day simple moving average of $3.86. 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 company has a market cap of $355.04 million, a PE ratio of 262.00 and a beta of 1.03. Gogo Inc. has a 12 month low of $2.45 and a 12 month high of $10.38.

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 (EPS) for the quarter, missing the consensus estimate 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 previous year, the company posted $0.09 EPS. The business's quarterly revenue was down 1.4% on a year-over-year basis. On average, equities analysts anticipate that Gogo Inc. will post 0.14 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on GOGO. Roth Capital reissued a "buy" rating on shares of Gogo in a research note on Friday, August 7th. Zacks Research lowered Gogo from a "hold" rating to a "strong sell" rating in a research note on Friday, August 7th. Weiss Ratings cut Gogo from a "hold (c-)" rating to a "sell (d)" rating in a report on Monday, August 17th. Morgan Stanley dropped their price target on Gogo from $8.00 to $7.00 and set an "equal weight" rating for the company in a research report on Thursday, May 21st. Finally, Wall Street Zen raised Gogo from a "sell" rating to a "hold" rating in a report on Saturday, September 5th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Gogo currently has an average rating of "Reduce" and a consensus target price of $8.50.

Gogo 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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