Gogo (NASDAQ:GOGO) Shares Down 3.3%

Gogo Inc. (NASDAQ:GOGO) shares were down 3.3% during mid-day trading on Tuesday . The stock traded as low as $7.12 and last traded at $7.12. Approximately 233,781 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 868,975 shares. The stock had previously closed at $7.36.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. dropped their price target on Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Gogo currently has an average rating of “Hold” and a consensus price target of $13.17.

Gogo Stock Performance

The company has a market capitalization of $915.16 million, a P/E ratio of 6.15 and a beta of 1.13. The company has a current ratio of 4.20, a quick ratio of 3.33 and a debt-to-equity ratio of 9.39. The company’s fifty day moving average is $9.11 and its 200 day moving average is $9.19.

Gogo (NASDAQ:GOGO) last posted its earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.06). Gogo had a return on equity of 229.65% and a net margin of 38.61%. The company had revenue of $102.10 million for the quarter, compared to analysts’ expectations of $99.02 million. During the same quarter in the prior year, the company earned $0.20 EPS. The company’s revenue was down 1.1% on a year-over-year basis. As a group, equities analysts anticipate that Gogo Inc. will post 0.35 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System purchased a new position in Gogo during the fourth quarter valued at approximately $313,000. Van ECK Associates Corp grew its position in shares of Gogo by 5.7% during the 4th quarter. Van ECK Associates Corp now owns 28,332 shares of the technology company’s stock valued at $287,000 after purchasing an additional 1,538 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Gogo by 0.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 509,592 shares of the technology company’s stock worth $5,162,000 after buying an additional 1,735 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Gogo during the fourth quarter valued at $203,000. Finally, Aigen Investment Management LP purchased a new position in Gogo during the fourth quarter worth about $256,000. Hedge funds and other institutional investors own 69.60% of the company’s stock.

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.