Gogo (NASDAQ:GOGO) Share Price Crosses Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• Gogo shares fell below their 200-day moving average of $3.40, trading as low as $2.02 before closing at $2.11 on elevated volume of nearly 2 million shares.
• Analyst sentiment remains mixed but leans toward caution: the consensus rating is “Hold” from five analysts, with a $8.50 average price target.
• Gogo’s latest quarterly results missed expectations, with EPS of $0.03 versus $0.06 estimated and revenue of $222.81 million versus $229.35 million expected; institutional investors own 69.6% of the stock.

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 $3.40 and traded as low as $2.02. Gogo shares last traded at $2.11, with a volume of 1,981,864 shares.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Roth Capital reissued a "buy" rating on shares of Gogo in a research note on Friday, August 7th. Weiss Ratings cut Gogo from a "hold (c-)" rating to a "sell (d)" rating in a research note on Monday, August 17th. Wall Street Zen raised Gogo from a "sell" rating to a "hold" rating in a report on Saturday, September 5th. Finally, Zacks Research raised Gogo from a "strong sell" rating to a "hold" rating in a report on Monday, October 5th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $8.50.

Gogo Stock Up 1.4%

The company has a debt-to-equity ratio of 6.74, a current ratio of 1.73 and a quick ratio of 1.21. The stock has a market capitalization of $285.93 million, a P/E ratio of 211.00 and a beta of 1.22. The stock's fifty day moving average is $2.45 and its two-hundred day moving average is $3.40.

Gogo (NASDAQ:GOGO - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company had revenue of $222.81 million during the quarter, compared to the consensus estimate of $229.35 million. Gogo had a negative net margin of 0.09% and a positive return on equity of 22.55%. Gogo's quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.09 EPS. As a group, research analysts predict that Gogo Inc. will post 0.03 earnings per share for the current fiscal year.

Institutional Trading of Gogo

A number of hedge funds have recently bought and sold shares of GOGO. WINTON GROUP Ltd increased its holdings in shares of Gogo by 43.0% in the 2nd quarter. WINTON GROUP Ltd now owns 44,900 shares of the technology company's stock valued at $139,000 after purchasing an additional 13,500 shares during the period. Engineers Gate Manager LP lifted its position in Gogo by 10.8% in the 2nd quarter. Engineers Gate Manager LP now owns 54,316 shares of the technology company's stock worth $168,000 after buying an additional 5,282 shares in the last quarter. Baird Financial Group Inc. acquired a new stake in shares of Gogo during the 2nd quarter valued at $174,000. Corient Private Wealth LP acquired a new stake in shares of Gogo during the 2nd quarter valued at $172,000. Finally, Amundi boosted its stake in shares of Gogo by 59.9% during the 2nd quarter. Amundi now owns 66,931 shares of the technology company's stock valued at $207,000 after buying an additional 25,086 shares during the period. 69.60% of the stock is owned by hedge funds and other institutional investors.

Gogo Company Profile

Gogo Inc is an aviation connectivity and broadband services company that provides internet access, entertainment, and communications solutions for business and commercial aircraft. Its offerings are designed to help passengers and flight crews stay connected while in the air through a combination of air-to-ground and satellite-based technologies.

Gogo's business aviation portfolio includes the AVANCE connectivity platform, which supports in-flight Wi-Fi and related services, as well as equipment, software, and network management solutions for private and business 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.