Gogo (NASDAQ:GOGO) Shares Gap Down - Should You Sell?

Key Points

• Gogo shares fell sharply: The stock closed at $4.46 but opened at $3.38 and was last trading near $3.71, down 14.9%, with a market capitalization of approximately $513 million.
• Analysts remain cautious: Weiss Ratings upgraded Gogo to “hold,” while Morgan Stanley cut its price target to $7.00. The consensus rating is “Hold,” with an average price target of $9.50.
• Institutional ownership is substantial: Institutional investors own 69.6% of Gogo, and several major firms—including Bank of America, Amundi and Renaissance Technologies—recently increased their positions.

Shares of Gogo Inc. (NASDAQ:GOGO - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $4.46, but opened at $3.38. Gogo shares last traded at $3.7090, with a volume of 478,358 shares.

Analyst Ratings Changes

A number of equities research analysts have weighed in on GOGO shares. Weiss Ratings upgraded shares of Gogo from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday. Morgan Stanley dropped their price objective on shares of Gogo from $8.00 to $7.00 and set an "equal weight" rating for the company in a research note on Thursday, May 21st. Finally, Roth Capital set a $12.00 price objective on shares of Gogo in a report on Thursday, May 7th. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $9.50.

Gogo Stock Down 14.9%

The company has a market cap of $513.23 million, a P/E ratio of 34.50 and a beta of 1.13. The company has a debt-to-equity ratio of 6.89, a current ratio of 1.66 and a quick ratio of 1.27. The business's 50 day moving average price is $3.72 and its 200-day moving average price is $4.17.

Institutional Trading of Gogo

Several large investors have recently made changes to their positions in GOGO. Bank of America Corp DE increased its stake in shares of Gogo by 244.1% in the first quarter. Bank of America Corp DE now owns 5,340,615 shares of the technology company's stock valued at $21,469,000 after buying an additional 3,788,659 shares in the last quarter. Amundi raised its holdings in shares of Gogo by 121.2% in the first quarter. Amundi now owns 41,845 shares of the technology company's stock valued at $168,000 after buying an additional 22,931 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Gogo by 199.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 486,820 shares of the technology company's stock worth $1,957,000 after buying an additional 324,237 shares in the last quarter. Renaissance Technologies LLC lifted its position in Gogo by 31.4% during the 1st quarter. Renaissance Technologies LLC now owns 966,674 shares of the technology company's stock worth $3,886,000 after buying an additional 230,800 shares in the last quarter. Finally, Gabelli Funds LLC grew its holdings in Gogo by 28.5% during the 1st quarter. Gabelli Funds LLC now owns 120,300 shares of the technology company's stock worth $484,000 after acquiring an additional 26,700 shares during the last quarter. 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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