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

Key Points

• Gogo shares fell below their 200-day moving average on Friday, trading as low as $3.50 and last changing hands at $3.58. The 200-day average was $4.25, signaling recent weakness in the stock.
• Wall Street sentiment remains cautious, with the stock carrying a consensus rating of “Reduce” and an average price target of $9.50. Recent moves included Roth Capital setting a $12 target, while Morgan Stanley cut its target to $7 and kept an equal-weight rating.
• Institutional ownership remains significant, with investors such as Tudor Investment Corp, UBS Group, and LB Partners increasing stakes. Institutional investors now own 69.60% of Gogo’s shares.

Gogo Inc. (NASDAQ:GOGO - Get Free Report)'s share price crossed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $4.25 and traded as low as $3.50. Gogo shares last traded at $3.58, with a volume of 771,443 shares.

Analysts Set New Price Targets

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

Gogo Price Performance

The firm has a fifty day moving average price of $3.77 and a two-hundred day moving average price of $4.25. The stock has a market capitalization of $484.16 million, a P/E ratio of 32.55 and a beta of 1.16. The company has a debt-to-equity ratio of 6.89, a quick ratio of 1.27 and a current ratio of 1.66.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Tudor Investment Corp ET AL boosted its position in shares of Gogo by 1,095.1% in the third quarter. Tudor Investment Corp ET AL now owns 705,968 shares of the technology company's stock worth $6,064,000 after purchasing an additional 646,894 shares during the period. UBS Group AG raised its position in shares of Gogo by 32.5% during the 4th quarter. UBS Group AG now owns 500,807 shares of the technology company's stock valued at $2,334,000 after purchasing an additional 122,706 shares during the period. LB Partners LLC lifted its stake in shares of Gogo by 436.0% during the 1st quarter. LB Partners LLC now owns 804,034 shares of the technology company's stock valued at $3,232,000 after buying an additional 654,034 shares in the last quarter. Brighton Jones LLC lifted its stake in shares of Gogo by 69.6% during the 4th quarter. Brighton Jones LLC now owns 17,000 shares of the technology company's stock valued at $138,000 after buying an additional 6,978 shares in the last quarter. Finally, MYDA Advisors LLC bought a new position in Gogo in the 4th quarter worth $792,000. Institutional investors own 69.60% of the company's stock.

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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