Gogo (NASDAQ:GOGO) Hits New 52-Week Low at $6.77

Gogo Inc. (NASDAQ:GOGO) shares hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $6.77 and last traded at $6.78, with a volume of 572700 shares changing hands. The stock had previously closed at $7.24.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Morgan Stanley dropped their price objective on Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, September 3rd. Roth Mkm reissued a “buy” rating and set a $15.50 price target on shares of Gogo in a research note on Tuesday. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th.

Gogo Stock Performance

The company has a market capitalization of $861.77 million, a price-to-earnings ratio of 5.79 and a beta of 1.11. The stock’s 50 day moving average price is $8.14 and its 200 day moving average price is $8.91. The company has a current ratio of 3.95, a quick ratio of 3.16 and a debt-to-equity ratio of 11.25.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data 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 company had revenue of $102.10 million for the quarter, compared to the consensus estimate of $99.02 million. During the same quarter in the prior year, the company earned $0.20 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. Analysts expect that Gogo Inc. will post 0.35 earnings per share for the current year.

Hedge Funds Weigh In On Gogo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GOGO. Charles Schwab Investment Management Inc. lifted its stake in shares of Gogo by 0.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 509,592 shares of the technology company’s stock worth $5,162,000 after buying an additional 1,735 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Gogo by 12.6% in the 1st 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 acquiring an additional 2,390 shares during the period. Texas Permanent School Fund Corp lifted its position in Gogo by 7.2% during the second quarter. Texas Permanent School Fund Corp now owns 57,452 shares of the technology company’s stock worth $553,000 after acquiring an additional 3,845 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Gogo by 11.6% during the first 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 during the period. Finally, Public Sector Pension Investment Board grew its position in shares of 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 purchasing an additional 5,869 shares during the last quarter. 69.60% of the stock is owned by institutional investors.

Gogo Company Profile

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.