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

Key Points

• Gogo shares fell below their 200-day moving average, trading as low as $3.84 versus the $4.20 average, before closing at $3.99 on volume of about 2.05 million shares.
• Analyst sentiment remains cautious: Morgan Stanley cut its price target to $7 and maintained an “equal weight” rating, while MarketBeat reports an overall “Reduce” consensus and a $9.50 average target.
• Institutional ownership is substantial at 69.6%, with several hedge funds and major investors recently increasing their positions, including Bank of America and Millennium Management.

Gogo Inc. (NASDAQ:GOGO - Get Free Report)'s stock price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.20 and traded as low as $3.84. Gogo shares last traded at $3.99, with a volume of 2,050,401 shares.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GOGO. Morgan Stanley decreased their price objective on Gogo from $8.00 to $7.00 and set an "equal weight" rating for the company in a report 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 target on Gogo in a research report on Thursday, May 7th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $9.50.

Gogo Price Performance

The stock has a market capitalization of $539.61 million, a P/E ratio of 36.27 and a beta of 1.16. 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 company's 50-day simple moving average is $3.72 and its 200-day simple moving average is $4.20.

Hedge Funds Weigh In On Gogo

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Nantahala Capital Management LLC acquired a new position in Gogo during the fourth quarter worth approximately $31,654,000. Bank of America Corp DE lifted its position 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 during the last quarter. Millennium Management LLC lifted its position 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 buying an additional 2,086,042 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Gogo during the 4th quarter worth approximately $5,250,000. Finally, Two Sigma Investments LP boosted its stake in shares of 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 acquiring an additional 1,019,195 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.