Gogo (NASDAQ:GOGO) Stock Rating Upgraded by Zacks Investment Research

Gogo (NASDAQ:GOGO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, Zacks.com reports. The firm currently has a $4.75 price objective on the technology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.56% from the stock’s current price.

According to Zacks, “Gogo is the leading provider of in-flight connectivity and wireless entertainment solutions for the global aviation industry. They currently provide services on approximately 9,600 aircraft, which represents more than 20% of the world’s total commercial and business jet aircraft. Gogo has partnerships with 14 commercial airlines and is installed on more than 2,500 commercial aircraft. Nearly 7,000 business aircraft are also flying with its solutions, including the world’s largest fractional ownership fleets. Gogo also is a factory option at every major business aircraft manufacturer. Gogo is headquartered in Chicago, IL, with additional facilities in Broomfield, CO, and various locations overseas. “

A number of other research firms also recently weighed in on GOGO. Roth Capital began coverage on shares of Gogo in a research note on Monday, May 13th. They set a “buy” rating and a $10.00 price target on the stock. William Blair reiterated an “outperform” rating on shares of Assembly Biosciences in a research note on Friday, May 10th. Cowen reiterated an “outperform” rating and set a $187.00 price target (up previously from $178.00) on shares of Union Pacific in a research note on Thursday, April 18th. Finally, BidaskClub upgraded shares of Misonix from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $7.65.

Shares of Gogo stock opened at $4.22 on Friday. The stock has a market cap of $367.87 million, a price-to-earnings ratio of -2.31 and a beta of 1.01. Gogo has a twelve month low of $2.64 and a twelve month high of $7.82. The company has a 50-day moving average of $4.42.

Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Thursday, May 9th. The technology company reported ($0.21) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.52) by $0.31. The business had revenue of $199.55 million during the quarter, compared to analyst estimates of $198.00 million. The firm’s revenue was down 13.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.34) EPS. Equities research analysts expect that Gogo will post -1.83 EPS for the current fiscal year.

In related news, Director Charles C. Townsend purchased 64,389 shares of Gogo stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average price of $5.48 per share, for a total transaction of $352,851.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 36.20% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Metropolitan Life Insurance Co NY purchased a new position in Gogo in the 1st quarter worth $73,000. Intersect Capital LLC purchased a new stake in Gogo in the first quarter valued at $90,000. Oppenheimer & Co. Inc. purchased a new position in Gogo during the first quarter worth about $108,000. MetLife Investment Advisors LLC acquired a new stake in shares of Gogo in the first quarter valued at approximately $121,000. Finally, HighPoint Advisor Group LLC boosted its position in Gogo by 49.5% during the first quarter. HighPoint Advisor Group LLC now owns 34,747 shares of the technology company’s stock worth $179,000 after acquiring an additional 11,505 shares during the last quarter. Institutional investors and hedge funds own 59.12% of the company’s stock.

About Gogo

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA).

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