Gogo (NASDAQ:GOGO) Lowered to "Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Gogo from “Hold” to “Sell,” while other analysts remain mixed; the consensus rating is “Hold” with an average price target of $8.50.
• Gogo reported quarterly EPS of $0.03, below the $0.06 estimate, while revenue of $222.81 million also missed expectations and declined 1.4% year over year.
• Shares opened at $3.63, near the lower end of their 12-month range of $3.02 to $13.13; institutional investors and hedge funds own 69.6% of the stock.

Gogo (NASDAQ:GOGO - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Other equities analysts also recently issued reports about the stock. Morgan Stanley decreased their price objective on shares of Gogo from $8.00 to $7.00 and set an "equal weight" rating on the stock in a report on Thursday, May 21st. Roth Capital reaffirmed a "buy" rating on shares of Gogo in a report on Friday. Finally, Weiss Ratings upgraded shares of Gogo from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $8.50.

Gogo Trading Down 0.3%

NASDAQ GOGO opened at $3.63 on Friday. The company has a market cap of $490.92 million, a PE ratio of 363.00 and a beta of 1.13. The company has a current ratio of 1.73, a quick ratio of 1.27 and a debt-to-equity ratio of 6.74. Gogo has a 12 month low of $3.02 and a 12 month high of $13.13. The stock has a 50 day moving average of $3.68 and a 200-day moving average of $4.16.

Gogo (NASDAQ:GOGO - Get Free Report) last issued its earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). The firm 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%.Gogo's quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.09 earnings per share. On average, equities research analysts anticipate that Gogo will post 0.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Gogo in the 4th quarter valued at $27,000. PNC Financial Services Group Inc. raised its holdings in shares of Gogo by 310.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company's stock worth $29,000 after buying an additional 5,536 shares in the last quarter. State of Wyoming acquired a new position in shares of Gogo during the 1st quarter worth $34,000. Farther Finance Advisors LLC lifted its position in shares of Gogo by 91,500.0% during the 4th quarter. Farther Finance Advisors LLC now owns 10,076 shares of the technology company's stock worth $47,000 after buying an additional 10,065 shares during the last quarter. Finally, Stifel Financial Corp bought a new stake in shares of Gogo during the 4th quarter worth $52,000. 69.60% of the stock is currently owned by institutional investors and hedge funds.

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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