Gogo (NASDAQ:GOGO) Reaches New 52-Week Low at $7.53

Gogo Inc. (NASDAQ:GOGO) shares hit a new 52-week low on Tuesday . The company traded as low as $7.53 and last traded at $7.82, with a volume of 232983 shares changing hands. The stock had previously closed at $8.12.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. initiated coverage on shares of Gogo in a report on Thursday, February 29th. They set a “neutral” rating and a $11.00 price objective for the company. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.13.

Gogo Stock Performance

The company has a debt-to-equity ratio of 14.43, a quick ratio of 3.49 and a current ratio of 4.37. The firm has a market cap of $1.01 billion, a P/E ratio of 7.01 and a beta of 1.08. The firm’s fifty day moving average price is $8.86 and its 200 day moving average price is $9.72.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.11 EPS for the quarter, hitting the consensus estimate of $0.11. The firm had revenue of $97.81 million during the quarter, compared to analyst estimates of $96.56 million. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. Gogo’s revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.21 EPS. Sell-side analysts expect that Gogo Inc. will post 0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Charles C. Townsend bought 28,857 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were bought at an average price of $9.03 per share, with a total value of $260,578.71. Following the transaction, the director now owns 1,740,588 shares in the company, valued at $15,717,509.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Gogo news, Director Charles C. Townsend acquired 28,857 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were acquired at an average cost of $9.03 per share, with a total value of $260,578.71. Following the acquisition, the director now directly owns 1,740,588 shares of the company’s stock, valued at $15,717,509.64. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Harris N. Williams acquired 12,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was acquired at an average cost of $8.10 per share, for a total transaction of $97,200.00. Following the completion of the acquisition, the director now directly owns 20,990 shares in the company, valued at $170,019. The disclosure for this purchase can be found here. 26.00% of the stock is owned by insiders.

Institutional Trading of Gogo

Hedge funds have recently added to or reduced their stakes in the company. Belpointe Asset Management LLC purchased a new stake in Gogo during the first quarter worth $29,000. Royal Bank of Canada boosted its holdings in Gogo by 76.6% during the third quarter. Royal Bank of Canada now owns 3,069 shares of the technology company’s stock worth $37,000 after buying an additional 1,331 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Gogo by 432.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,609 shares of the technology company’s stock worth $39,000 after buying an additional 2,119 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in Gogo by 41.0% during the first quarter. Great West Life Assurance Co. Can now owns 2,178 shares of the technology company’s stock worth $44,000 after buying an additional 633 shares in the last quarter. Finally, UBS Group AG boosted its holdings in Gogo by 41.7% during the third quarter. UBS Group AG now owns 4,033 shares of the technology company’s stock worth $49,000 after buying an additional 1,186 shares in the last quarter. 69.60% of the stock is owned by hedge funds and other institutional investors.

About Gogo

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.