BidaskClub Downgrades Gogo (GOGO) to Hold

BidaskClub lowered shares of Gogo (NASDAQ:GOGO) from a buy rating to a hold rating in a research report report published on Friday morning, BidAskClub reports.

GOGO has been the subject of a number of other reports. Zacks Investment Research downgraded Gogo from a buy rating to a hold rating in a research note on Monday, February 18th. Northland Securities reissued a sell rating and set a $1.50 target price on shares of Gogo in a research note on Friday, February 22nd. Finally, William Blair raised Gogo from a market perform rating to an outperform rating in a research note on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $7.17.

Shares of GOGO stock opened at $5.41 on Friday. Gogo has a 12-month low of $2.64 and a 12-month high of $7.82.

Gogo (NASDAQ:GOGO) last issued its earnings results on Thursday, May 9th. The technology company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.31. The business had revenue of $199.55 million for the quarter, compared to analysts’ expectations of $198.00 million. The business’s quarterly revenue was down 13.9% on a year-over-year basis. During the same period last year, the company posted ($0.34) earnings per share. On average, equities research analysts predict that Gogo will post -1.73 earnings per share for the current fiscal year.

In other news, Director Charles C. Townsend acquired 277,405 shares of the company’s stock in a transaction that occurred on Wednesday, February 27th. The stock was purchased at an average cost of $4.36 per share, with a total value of $1,209,485.80. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Charles C. Townsend acquired 64,389 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average cost of $5.48 per share, with a total value of $352,851.72. The disclosure for this purchase can be found here. Company insiders own 36.20% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pinnacle Associates Ltd. purchased a new position in Gogo in the 4th quarter valued at approximately $46,000. Metropolitan Life Insurance Co NY purchased a new position in Gogo in the 1st quarter valued at approximately $73,000. Intersect Capital LLC purchased a new position in Gogo in the 1st quarter valued at approximately $90,000. Oppenheimer & Co. Inc. purchased a new position in Gogo in the 1st quarter valued at approximately $108,000. Finally, MetLife Investment Advisors LLC purchased a new position in Gogo in the 1st quarter valued at approximately $121,000. 59.78% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Gogo (NASDAQ:GOGO)

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