Zacks Investment Research Lowers Gogo (NASDAQ:GOGO) to Hold

Gogo (NASDAQ:GOGO) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday, reports.

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 analysts also recently weighed in on GOGO. ValuEngine downgraded shares of Gogo from a “sell” rating to a “strong sell” rating in a research report on Tuesday, December 3rd. BidaskClub downgraded shares of Gogo from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, William Blair reissued a “buy” rating on shares of Gogo in a research report on Monday, September 23rd. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Gogo has a consensus rating of “Hold” and a consensus price target of $6.19.

GOGO opened at $5.33 on Tuesday. The firm has a market capitalization of $488.39 million, a P/E ratio of -2.91 and a beta of 1.07. The firm’s 50 day moving average is $5.78 and its 200-day moving average is $5.27. Gogo has a 52-week low of $3.55 and a 52-week high of $7.23.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Thursday, November 7th. The technology company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.29. The company had revenue of $201.18 million for the quarter, compared to analyst estimates of $206.07 million. During the same period in the previous year, the business posted ($0.47) EPS. The firm’s quarterly revenue was down 7.4% compared to the same quarter last year. As a group, analysts forecast 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 the firm’s 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 41.50% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. Walleye Trading Advisors LLC acquired a new stake in shares of Gogo during the second quarter worth approximately $44,000. Coatue Management LLC acquired a new position in Gogo in the second quarter worth $44,000. Metropolitan Life Insurance Co NY acquired a new position in Gogo in the first quarter worth $73,000. Tower Research Capital LLC TRC acquired a new position in Gogo in the second quarter worth $77,000. Finally, Wedge Capital Management L L P NC acquired a new position in Gogo in the fourth quarter worth $134,000. 62.73% of the stock is owned by institutional investors and hedge funds.

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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