Gogo (NASDAQ:GOGO) Shares Gap Down to $7.45

Gogo Inc. (NASDAQ:GOGO) gapped down before the market opened on Friday . The stock had previously closed at $7.45, but opened at $7.03. Gogo shares last traded at $7.16, with a volume of 269,302 shares.

Analysts Set New Price Targets

GOGO has been the subject of several research reports. JPMorgan Chase & Co. dropped their price target on Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Morgan Stanley dropped their target price on Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, September 3rd.

Gogo Price Performance

The company has a quick ratio of 3.16, a current ratio of 3.95 and a debt-to-equity ratio of 11.25. The company’s fifty day moving average price is $8.36 and its 200 day moving average price is $8.95. The company has a market capitalization of $916.58 million, a P/E ratio of 6.37 and a beta of 1.11.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). The company had revenue of $102.10 million for the quarter, compared to analyst estimates of $99.02 million. Gogo had a return on equity of 145.01% and a net margin of 16.59%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 EPS. As a group, sell-side analysts forecast that Gogo Inc. will post 0.35 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GOGO. Point72 Asia Singapore Pte. Ltd. bought a new stake in Gogo during the second quarter worth about $107,000. AQR Capital Management LLC acquired a new position in shares of Gogo in the 2nd quarter valued at approximately $108,000. SG Americas Securities LLC bought a new stake in shares of Gogo during the 2nd quarter worth approximately $109,000. Point72 DIFC Ltd acquired a new stake in shares of Gogo during the 2nd quarter worth approximately $117,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Gogo by 67.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,285 shares of the technology company’s stock valued at $166,000 after acquiring an additional 6,941 shares during the last quarter. Institutional investors own 69.60% of the company’s stock.

Gogo Company Profile

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.