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

Key Points

• Gogo's stock dipped below its 200-day moving average, trading as low as $4.72 and last at $4.83 versus the 200‑day average of $5.85.
• In the most recent quarter Gogo reported EPS of ($0.07), missing the $0.02 consensus while revenue of $230.56 million beat estimates and rose 67.3% year‑over‑year.
• Analysts maintain a consensus Hold rating with a consensus target price of $12.25, based on a split of 1 Buy, 2 Hold and 1 Sell.

Gogo Inc. (NASDAQ:GOGO - Get Free Report)'s stock price passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $5.85 and traded as low as $4.72. Gogo shares last traded at $4.83, with a volume of 1,082,266 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently commented on GOGO shares. Morgan Stanley set a $8.00 price target on shares of Gogo in a report on Friday, January 16th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Gogo in a research report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Gogo currently has a consensus rating of "Hold" and a consensus target price of $12.25.

Gogo Stock Up 2.1%

The company has a current ratio of 1.60, a quick ratio of 1.24 and a debt-to-equity ratio of 8.24. The business has a 50-day moving average price of $4.43 and a 200-day moving average price of $5.85. The firm has a market cap of $650.50 million, a P/E ratio of 48.30 and a beta of 1.12.

Gogo (NASDAQ:GOGO - Get Free Report) last posted its quarterly earnings results on Friday, February 27th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.02 by ($0.09). Gogo had a return on equity of 55.95% and a net margin of 1.42%.The firm had revenue of $230.56 million for the quarter, compared to the consensus estimate of $222.65 million. During the same period in the previous year, the company posted ($0.22) EPS. Gogo's quarterly revenue was up 67.3% compared to the same quarter last year. On average, equities analysts forecast that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Insider Activity at Gogo

In related news, Director Charles C. Townsend purchased 158,591 shares of Gogo stock in a transaction dated Thursday, March 12th. The stock was purchased at an average cost of $4.57 per share, with a total value of $724,760.87. Following the transaction, the director owned 418,686 shares in the company, valued at approximately $1,913,395.02. The trade was a 60.97% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 25.78% of the company's stock.

Hedge Funds Weigh In On Gogo

A number of large investors have recently made changes to their positions in GOGO. Nantahala Capital Management LLC purchased a new position in shares of Gogo in the fourth quarter worth $31,654,000. Millennium Management LLC increased its holdings in shares of Gogo by 774.0% in the fourth quarter. Millennium Management LLC now owns 2,355,573 shares of the technology company's stock valued at $10,977,000 after purchasing an additional 2,086,042 shares during the period. Balyasny Asset Management L.P. acquired a new stake in shares of Gogo during the fourth quarter worth about $5,250,000. Two Sigma Investments LP raised its position in Gogo by 512.6% during the 3rd quarter. Two Sigma Investments LP now owns 1,218,005 shares of the technology company's stock worth $10,463,000 after buying an additional 1,019,195 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Gogo by 403.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,137,602 shares of the technology company's stock valued at $5,301,000 after acquiring an additional 911,657 shares during the period. 69.60% of the stock is owned by institutional investors and hedge funds.

About Gogo

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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