Gogo (NASDAQ:GOGO) Stock Price Down 3.3%

Gogo Inc. (NASDAQ:GOGO) dropped 3.3% during trading on Tuesday . The stock traded as low as $7.12 and last traded at $7.12. Approximately 233,781 shares changed hands during trading, a decline of 73% from the average daily volume of 868,975 shares. The stock had previously closed at $7.36.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. reduced their target price on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $13.17.

Gogo Stock Performance

The company has a debt-to-equity ratio of 9.39, a current ratio of 4.20 and a quick ratio of 3.33. The stock has a market capitalization of $915.16 million, a PE ratio of 6.15 and a beta of 1.13. The firm has a fifty day moving average price of $9.11 and a two-hundred day moving average price of $9.19.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data on Wednesday, August 7th. The technology company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.06). Gogo had a net margin of 38.61% and a return on equity of 229.65%. The business had revenue of $102.10 million during the quarter, compared to the consensus estimate of $99.02 million. During the same period last year, the company earned $0.20 EPS. The business’s revenue was down 1.1% compared to the same quarter last year. Research analysts expect that Gogo Inc. will post 0.35 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its position in Gogo by 5.7% in the 4th quarter. Van ECK Associates Corp now owns 28,332 shares of the technology company’s stock valued at $287,000 after buying an additional 1,538 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Gogo by 0.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 509,592 shares of the technology company’s stock valued at $5,162,000 after purchasing an additional 1,735 shares during the period. State Board of Administration of Florida Retirement System grew its stake in Gogo by 12.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock worth $187,000 after purchasing an additional 2,390 shares in the last quarter. Texas Permanent School Fund Corp increased its holdings in Gogo by 7.2% during the 2nd quarter. Texas Permanent School Fund Corp now owns 57,452 shares of the technology company’s stock worth $553,000 after purchasing an additional 3,845 shares during the period. Finally, CANADA LIFE ASSURANCE Co raised its position in Gogo by 11.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 54,770 shares of the technology company’s stock valued at $481,000 after purchasing an additional 5,688 shares in the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

About Gogo

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.