Gogo (NASDAQ:GOGO) Reaches New 52-Week Low – Here’s Why

Gogo Inc. (NASDAQ:GOGO) shares hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $6.41 and last traded at $6.43, with a volume of 984783 shares changing hands. The stock had previously closed at $6.81.

Analyst Upgrades and Downgrades

GOGO has been the subject of several research analyst reports. Morgan Stanley lowered their target price on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 3rd. Roth Mkm reiterated a “buy” rating and issued a $15.50 target price on shares of Gogo in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. decreased their price target on Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th.

Gogo Price Performance

The company’s 50-day moving average price is $7.60 and its 200-day moving average price is $8.76. The company has a quick ratio of 3.16, a current ratio of 3.95 and a debt-to-equity ratio of 11.25. The firm has a market cap of $808.39 million, a price-to-earnings ratio of 5.38 and a beta of 1.11.

Gogo (NASDAQ:GOGO) last released its earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Gogo had a return on equity of 145.01% and a net margin of 16.59%. The business had revenue of $102.10 million for the quarter, compared to analyst estimates of $99.02 million. During the same quarter last year, the company earned $0.20 earnings per share. Gogo’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, equities research analysts forecast that Gogo Inc. will post 0.35 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. State Board of Administration of Florida Retirement System increased its stake in Gogo by 12.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock valued at $187,000 after purchasing an additional 2,390 shares during the last quarter. Texas Permanent School Fund Corp grew its position in shares of Gogo by 7.2% in the 2nd quarter. Texas Permanent School Fund Corp now owns 57,452 shares of the technology company’s stock valued at $553,000 after buying an additional 3,845 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in Gogo by 11.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 54,770 shares of the technology company’s stock worth $481,000 after acquiring an additional 5,688 shares in the last quarter. Public Sector Pension Investment Board lifted its position in Gogo by 4.6% in the second quarter. Public Sector Pension Investment Board now owns 134,206 shares of the technology company’s stock valued at $1,291,000 after acquiring an additional 5,869 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in shares of Gogo by 29.0% during the second quarter. Point72 Asset Management L.P. now owns 30,700 shares of the technology company’s stock worth $295,000 after purchasing an additional 6,900 shares during the last quarter. 69.60% of the stock is owned by institutional investors and hedge funds.

About Gogo

Gogo Inc, together with its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company's product platform includes networks, antennas, and airborne equipment and software. It offers in-flight systems; in-flight services; aviation partner support; and engineering, design, and development services, as well as production operations functions.