Gogo (NASDAQ:GOGO) Share Price Passes Below 200-Day Moving Average - Here's What Happened

Key Points

• Gogo shares fell below their 200-day moving average, trading as low as $3.48 and last changing hands at $3.61. The move came on heavy volume of about 1.61 million shares.
• Analyst sentiment remains cautious: Morgan Stanley cut its price target to $7, and the overall consensus rating is “Reduce” with an average target price of $9.50. Two analysts rate the stock Hold, while one rates it Sell.
• Institutional ownership is significant, with investors holding about 69.6% of the company. Recent filings showed several new or expanded positions, even as the stock remains volatile.

Shares of Gogo Inc. (NASDAQ:GOGO - Get Free Report) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $4.29 and traded as low as $3.48. Gogo shares last traded at $3.61, with a volume of 1,609,979 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on GOGO shares. Morgan Stanley cut their price target on Gogo from $8.00 to $7.00 and set an "equal weight" rating for the company in a research note on Thursday, May 21st. Weiss Ratings upgraded Gogo from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, May 12th. Finally, Roth Capital set a $12.00 price objective on shares of Gogo in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $9.50.

Gogo Trading Up 1.7%

The stock has a market capitalization of $488.22 million, a price-to-earnings ratio of 32.82 and a beta of 1.16. The company has a current ratio of 1.66, a quick ratio of 1.27 and a debt-to-equity ratio of 6.89. The company has a fifty day moving average of $3.86 and a two-hundred day moving average of $4.29.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new stake in Gogo during the fourth quarter valued at about $27,000. PNC Financial Services Group Inc. grew its position 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 purchasing an additional 5,536 shares during the last quarter. State of Wyoming bought a new position in shares of Gogo in the first quarter worth about $34,000. Farther Finance Advisors LLC increased its stake in shares of Gogo by 91,500.0% in the fourth quarter. Farther Finance Advisors LLC now owns 10,076 shares of the technology company's stock worth $47,000 after purchasing an additional 10,065 shares during the period. Finally, Stifel Financial Corp acquired a new position in shares of Gogo during the 4th quarter worth about $52,000. Institutional investors own 69.60% of the company's stock.

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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