Gogo (NASDAQ:GOGO) Shares Down 6.4% – Time to Sell?

Shares of Gogo Inc. (NASDAQ:GOGO) traded down 6.4% during trading on Wednesday . The stock traded as low as $4.60 and last traded at $4.6050. 1,213,183 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 2,176,169 shares. The stock had previously closed at $4.92.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GOGO. William Blair cut shares of Gogo from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Gogo in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Gogo presently has a consensus rating of “Hold” and a consensus price target of $14.83.

Gogo Stock Down 5.8%

The company’s 50 day moving average price is $6.36 and its two-hundred day moving average price is $10.04. The company has a current ratio of 1.74, a quick ratio of 1.40 and a debt-to-equity ratio of 7.79. The firm has a market cap of $620.39 million, a PE ratio of -92.70 and a beta of 0.96.

Gogo (NASDAQ:GOGO) last issued its earnings results on Thursday, November 6th. The technology company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.12). The company had revenue of $223.59 million for the quarter, compared to the consensus estimate of $222.23 million. Gogo had a positive return on equity of 71.74% and a negative net margin of 0.65%.Gogo’s revenue was up 122.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.08 EPS. On average, equities research analysts expect that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Insider Activity

In related news, insider Oakleigh Thorne acquired 170,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The stock was bought at an average price of $5.34 per share, for a total transaction of $907,800.00. Following the acquisition, the insider directly owned 954,098 shares of the company’s stock, valued at $5,094,883.32. This represents a 21.68% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 25.78% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GOGO. William Blair Investment Management LLC grew its holdings in shares of Gogo by 124.8% during the second quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock valued at $83,292,000 after buying an additional 3,149,585 shares during the last quarter. Two Sigma Investments LP grew its holdings in shares of Gogo by 512.6% during the third quarter. Two Sigma Investments LP now owns 1,218,005 shares of the technology company’s stock worth $10,463,000 after buying an additional 1,019,195 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in Gogo during the third quarter worth $6,760,000. LB Partners LLC raised its position in shares of Gogo by 30.0% during the 3rd quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock valued at $27,737,000 after buying an additional 745,000 shares during the period. Finally, Bank of America Corp DE lifted its position in Gogo by 152.6% in the third quarter. Bank of America Corp DE now owns 1,210,907 shares of the technology company’s stock valued at $10,402,000 after buying an additional 731,603 shares during the last quarter. Institutional investors own 69.60% of the company’s stock.

About Gogo

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.