Gogo (NASDAQ:GOGO) Shares Up 9.6% – Time to Buy?

Gogo Inc. (NASDAQ:GOGO)’s stock price shot up 9.6% during trading on Monday . The stock traded as high as $7.33 and last traded at $7.19. 832,812 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 924,484 shares. The stock had previously closed at $6.56.

Analyst Ratings Changes

Several brokerages have commented on GOGO. JPMorgan Chase & Co. cut their price target on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Morgan Stanley cut their price target on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, September 3rd. Finally, Roth Mkm reissued a “buy” rating and issued a $15.50 price target on shares of Gogo in a report on Tuesday, September 17th.

Gogo Price Performance

The company has a market capitalization of $892.28 million, a P/E ratio of 6.03 and a beta of 1.09. The business’s fifty day moving average price is $7.30 and its 200-day moving average price is $8.68. The company has a current ratio of 3.95, a quick ratio of 3.16 and a debt-to-equity ratio of 11.25.

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

Hedge Funds Weigh In On Gogo

A number of hedge funds have recently modified their holdings of GOGO. Tealwood Asset Management Inc. increased its position in shares of Gogo by 95.6% in the first quarter. Tealwood Asset Management Inc. now owns 122,246 shares of the technology company’s stock valued at $1,073,000 after acquiring an additional 59,750 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Gogo by 51.8% during the 1st quarter. BNP Paribas Financial Markets now owns 33,221 shares of the technology company’s stock valued at $292,000 after purchasing an additional 11,333 shares in the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of Gogo during the 1st quarter valued at about $736,000. LB Partners LLC boosted its stake in shares of Gogo by 31.0% during the 1st quarter. LB Partners LLC now owns 1,895,606 shares of the technology company’s stock valued at $16,643,000 after purchasing an additional 448,918 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its stake in shares of Gogo by 102.0% during the 1st quarter. GSA Capital Partners LLP now owns 120,910 shares of the technology company’s stock valued at $1,062,000 after purchasing an additional 61,060 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.