Gogo (NASDAQ:GOGO) Downgraded by BidaskClub to Sell

Gogo (NASDAQ:GOGO) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, BidAskClub reports.

A number of other equities analysts also recently commented on the stock. William Blair reiterated a “buy” rating on shares of Gogo in a research note on Monday, September 23rd. Zacks Investment Research upgraded Gogo from a “hold” rating to a “strong-buy” rating and set a $6.25 price target on the stock in a research note on Monday. Finally, ValuEngine downgraded Gogo from a “sell” rating to a “strong sell” rating in a report on Tuesday, December 3rd. Three 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 company currently has an average rating of “Hold” and a consensus target price of $6.19.

GOGO stock traded up $0.76 during midday trading on Tuesday, hitting $6.09. The company’s stock had a trading volume of 245,170 shares, compared to its average volume of 1,619,577. Gogo has a 52-week low of $3.55 and a 52-week high of $7.23. The firm has a market capitalization of $488.39 million, a P/E ratio of -3.31 and a beta of 1.07. The firm has a 50-day simple moving average of $5.78 and a 200-day simple moving average of $5.27.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported ($0.28) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.57) by $0.29. The business had revenue of $201.18 million during the quarter, compared to analysts’ expectations of $206.07 million. During the same period in the prior year, the business earned ($0.47) EPS. The business’s quarterly revenue was down 7.4% on a year-over-year basis. On average, research analysts expect that Gogo will post -1.48 earnings per share for the current year.

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

Several hedge funds have recently modified their holdings of GOGO. Metropolitan Life Insurance Co NY acquired a new stake in shares of Gogo during the first quarter worth about $73,000. Charles Schwab Investment Management Inc. raised its holdings in Gogo by 1.2% during the second quarter. Charles Schwab Investment Management Inc. now owns 317,229 shares of the technology company’s stock worth $1,263,000 after purchasing an additional 3,726 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Gogo by 1.9% in the 2nd quarter. Northern Trust Corp now owns 703,813 shares of the technology company’s stock valued at $2,801,000 after buying an additional 13,261 shares during the period. Parametric Portfolio Associates LLC lifted its holdings in Gogo by 69.2% in the second quarter. Parametric Portfolio Associates LLC now owns 94,702 shares of the technology company’s stock valued at $377,000 after acquiring an additional 38,739 shares during the period. Finally, AXA acquired a new position in Gogo during the second quarter worth about $128,000. 62.73% of the stock is currently owned by 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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