Gogo (NASDAQ:GOGO) Sets New 52-Week Low – What’s Next?

Gogo Inc. (NASDAQ:GOGO)’s stock price reached a new 52-week low on Wednesday . The stock traded as low as $3.85 and last traded at $3.8850, with a volume of 691724 shares changing hands. The stock had previously closed at $4.11.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on GOGO shares. William Blair downgraded shares of Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Morgan Stanley set a $8.00 price objective on Gogo in a research report on Friday, January 16th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gogo in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $12.25.

Gogo Stock Performance

The stock has a 50 day simple moving average of $4.91 and a 200 day simple moving average of $8.15. The stock has a market cap of $524.69 million, a P/E ratio of -78.40 and a beta of 1.04. The company has a current ratio of 1.74, a quick ratio of 1.40 and a debt-to-equity ratio of 7.79.

Insiders Place Their Bets

In other news, insider Oakleigh Thorne acquired 170,000 shares of Gogo stock in a transaction on Friday, December 12th. The shares were purchased at an average cost of $5.34 per share, for a total transaction of $907,800.00. Following the completion of the purchase, the insider directly owned 954,098 shares of the company’s stock, valued at approximately $5,094,883.32. This represents a 21.68% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 25.78% of the stock is owned by corporate insiders.

Institutional Trading of Gogo

A number of institutional investors and hedge funds have recently made changes to their positions in GOGO. LB Partners LLC lifted its stake in Gogo by 30.0% during the third quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock worth $27,737,000 after purchasing an additional 745,000 shares during the last quarter. Hussman Strategic Advisors Inc. bought a new position in shares of Gogo in the 3rd quarter valued at $2,345,000. XTX Topco Ltd acquired a new position in shares of Gogo during the 2nd quarter worth $1,018,000. Quantbot Technologies LP bought a new stake in shares of Gogo during the 2nd quarter worth $2,684,000. Finally, William Blair Investment Management LLC lifted its position in shares of Gogo by 124.8% during the 2nd quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock worth $83,292,000 after buying an additional 3,149,585 shares during the last quarter. Institutional investors own 69.60% of the company’s stock.

Gogo Company Profile

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.