Gogo (NASDAQ:GOGO) Shares Gap Down to $7.45

Shares of Gogo Inc. (NASDAQ:GOGO) gapped down before the market opened on Friday . The stock had previously closed at $7.45, but opened at $7.03. Gogo shares last traded at $7.16, with a volume of 269,302 shares traded.

Analysts Set New Price Targets

Several analysts have recently commented on GOGO shares. JPMorgan Chase & Co. reduced their price target on Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Morgan Stanley lowered their price target on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 3rd.

Gogo Price Performance

The company has a market cap of $919.12 million, a price-to-earnings ratio of 6.19 and a beta of 1.11. The company has a fifty day simple moving average of $8.31 and a two-hundred day simple moving average of $8.94. The company has a quick ratio of 3.16, a current ratio of 3.95 and a debt-to-equity ratio of 11.25.

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

Institutional Investors Weigh In On Gogo

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Gogo in the second quarter worth $107,000. AQR Capital Management LLC purchased a new stake in Gogo during the 2nd quarter worth about $108,000. SG Americas Securities LLC acquired a new position in Gogo in the 2nd quarter valued at about $109,000. Point72 DIFC Ltd purchased a new position in Gogo in the 2nd quarter valued at about $117,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Gogo by 67.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,285 shares of the technology company’s stock worth $166,000 after purchasing an additional 6,941 shares during the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

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.