Gogo (NASDAQ:GOGO) Trading Down 5.8% – Time to Sell?

Gogo Inc. (NASDAQ:GOGO)’s share price dropped 5.8% during mid-day trading on Wednesday . The company traded as low as $6.99 and last traded at $6.91. Approximately 195,989 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 1,041,346 shares. The stock had previously closed at $7.34.

Gogo Price Performance

The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07. The business’s 50-day moving average price is $7.85 and its 200 day moving average price is $7.59. The company has a market capitalization of $880.70 million, a P/E ratio of 16.27 and a beta of 1.01.

Institutional Investors Weigh In On Gogo

Several hedge funds and other institutional investors have recently made changes to their positions in GOGO. FMR LLC grew its stake in Gogo by 138.4% in the fourth quarter. FMR LLC now owns 13,475,009 shares of the technology company’s stock worth $109,013,000 after purchasing an additional 7,821,973 shares in the last quarter. Nantahala Capital Management LLC lifted its stake in shares of Gogo by 441.5% in the 4th quarter. Nantahala Capital Management LLC now owns 2,574,642 shares of the technology company’s stock valued at $20,829,000 after purchasing an additional 2,099,145 shares during the last quarter. Silvercrest Asset Management Group LLC purchased a new position in Gogo during the 4th quarter valued at about $14,147,000. Tenzing Global Management LLC grew its position in shares of Gogo by 59.6% during the fourth quarter. Tenzing Global Management LLC now owns 2,075,000 shares of the technology company’s stock worth $16,787,000 after buying an additional 775,000 shares in the last quarter. Finally, Capco Asset Management LLC increased its holdings in shares of Gogo by 22.1% in the 4th quarter. Capco Asset Management LLC now owns 3,009,743 shares of the technology company’s stock valued at $24,349,000 after acquiring an additional 544,178 shares during the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

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.