Gogo (NASDAQ:GOGO) Cut to Sell at BidaskClub

BidaskClub downgraded shares of Gogo (NASDAQ:GOGO) from a hold rating to a sell rating in a research report report published on Tuesday, BidAskClub reports.

GOGO has been the topic of several other research reports. William Blair reiterated a buy rating on shares of Gogo in a research report on Monday, September 23rd. ValuEngine cut shares of Gogo from a sell rating to a strong sell rating in a research report on Tuesday, December 3rd. Finally, Zacks Investment Research upgraded shares of Gogo from a hold rating to a strong-buy rating and set a $6.25 price objective on the stock in a research report on Monday. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $6.19.

NASDAQ GOGO traded down $0.08 on Tuesday, reaching $5.52. 2,347,460 shares of the stock were exchanged, compared to its average volume of 2,233,455. The firm has a market capitalization of $488.40 million, a PE ratio of -3.02 and a beta of 1.07. Gogo has a one year low of $3.58 and a one year high of $7.23. The company’s 50-day simple moving average is $5.79 and its two-hundred day simple moving average is $5.28.

Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Thursday, November 7th. The technology company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.57) by $0.29. The company had revenue of $201.18 million for the quarter, compared to the consensus estimate of $206.07 million. The company’s quarterly revenue was down 7.4% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.47) EPS. As a group, research analysts predict that Gogo will post -1.48 earnings per share for the current year.

In other news, CAO Michael P. Bayer sold 10,947 shares of Gogo stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $6.45, for a total transaction of $70,608.15. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 41.50% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in GOGO. Tenzing Global Management LLC increased its position in Gogo by 34.8% in the third quarter. Tenzing Global Management LLC now owns 2,325,000 shares of the technology company’s stock worth $14,020,000 after purchasing an additional 600,000 shares during the last quarter. Morgan Stanley increased its position in Gogo by 56.7% in the second quarter. Morgan Stanley now owns 1,372,546 shares of the technology company’s stock worth $5,463,000 after purchasing an additional 496,761 shares during the last quarter. Bank of America Corp DE increased its position in Gogo by 28.6% in the second quarter. Bank of America Corp DE now owns 2,112,864 shares of the technology company’s stock worth $8,410,000 after purchasing an additional 469,268 shares during the last quarter. Vanguard Group Inc. increased its position in Gogo by 5.1% in the second quarter. Vanguard Group Inc. now owns 5,456,403 shares of the technology company’s stock worth $21,717,000 after purchasing an additional 263,685 shares during the last quarter. Finally, Hodges Capital Management Inc. increased its position in Gogo by 31.2% in the second quarter. Hodges Capital Management Inc. now owns 1,002,600 shares of the technology company’s stock worth $3,990,000 after purchasing an additional 238,700 shares during the last quarter. Institutional investors own 62.73% of the company’s stock.

Gogo Company Profile

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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