Gogo (NASDAQ:GOGO) Share Price Crosses Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Gogo's share price has fallen below its 200-day moving average for the first time, trading at $8.50 after reaching a low of $8.47.
• Despite a solid quarterly performance, with revenues up 121.4% year-over-year, the stock was down 6.7% at the time of reporting.
• Analysts have differing views on the stock, with Roth Capital setting a price target of $16.50, while Wall Street Zen downgraded it to a hold, reflecting mixed market sentiment.

Gogo Inc. (NASDAQ:GOGO - Get Free Report)'s share price passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $11.15 and traded as low as $8.47. Gogo shares last traded at $8.50, with a volume of 2,545,583 shares trading hands.

Analyst Ratings Changes

A number of brokerages have commented on GOGO. Roth Capital set a $16.50 price objective on shares of Gogo and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Wall Street Zen downgraded shares of Gogo from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Morgan Stanley began coverage on Gogo in a research note on Thursday, August 14th. They set an "equal weight" rating and a $15.00 price objective on the stock. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $14.83.

Gogo Stock Down 6.7%

The company has a debt-to-equity ratio of 8.10, a quick ratio of 1.32 and a current ratio of 1.71. The company's fifty day moving average price is $11.91 and its 200-day moving average price is $11.15. The stock has a market cap of $1.14 billion, a P/E ratio of 212.50 and a beta of 0.79.

Gogo (NASDAQ:GOGO - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The technology company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. Gogo had a net margin of 1.05% and a return on equity of 88.04%. The company had revenue of $226.04 million for the quarter, compared to the consensus estimate of $220.12 million. During the same period in the prior year, the firm posted $0.01 EPS. The firm's revenue was up 121.4% compared to the same quarter last year. Gogo has set its FY 2025 guidance at EPS. Equities analysts forecast that Gogo Inc. will post 0.41 EPS for the current year.

Insider Activity

In other Gogo news, CEO Christopher John Moore acquired 10,000 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average price of $12.11 per share, for a total transaction of $121,100.00. Following the acquisition, the chief executive officer directly owned 10,000 shares in the company, valued at $121,100. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 25.78% of the company's stock.

Institutional Trading of Gogo

Several institutional investors and hedge funds have recently made changes to their positions in GOGO. GAMMA Investing LLC grew its holdings in shares of Gogo by 532.9% in the first quarter. GAMMA Investing LLC now owns 3,595 shares of the technology company's stock worth $31,000 after purchasing an additional 3,027 shares during the last quarter. USA Financial Formulas bought a new stake in Gogo during the 2nd quarter valued at about $76,000. CWM LLC boosted its position in Gogo by 127.0% in the 2nd quarter. CWM LLC now owns 6,626 shares of the technology company's stock valued at $97,000 after buying an additional 3,707 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Gogo in the 1st quarter valued at about $111,000. Finally, Tower Research Capital LLC TRC grew its stake in Gogo by 300.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,163 shares of the technology company's stock worth $120,000 after acquiring an additional 6,123 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors.

About Gogo

Gogo Inc, together with its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company's product platform includes networks, antennas, and airborne equipment and software. It offers in-flight systems; in-flight services; aviation partner support; and engineering, design, and development services, as well as production operations functions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.