Gogo (NASDAQ:GOGO) Trading Down 4.5% – Time to Sell?

Gogo Inc. (NASDAQ:GOGO)’s stock price traded down 4.5% during trading on Wednesday . The company traded as low as $8.16 and last traded at $8.14. 355,906 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 1,003,069 shares. The stock had previously closed at $8.52.

Gogo Stock Up 1.1 %

The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81. The company has a market capitalization of $1.06 billion, a PE ratio of 19.63 and a beta of 1.15. The business has a 50-day moving average of $7.90 and a 200 day moving average of $7.73.

Institutional Investors Weigh In On Gogo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GOGO. Squarepoint Ops LLC purchased a new stake in Gogo during the second quarter valued at approximately $503,000. AQR Capital Management LLC purchased a new stake in Gogo during the second quarter valued at approximately $108,000. Millennium Management LLC raised its position in Gogo by 19.0% during the second quarter. Millennium Management LLC now owns 814,833 shares of the technology company’s stock valued at $7,839,000 after purchasing an additional 130,344 shares during the period. Algert Global LLC purchased a new stake in Gogo during the second quarter valued at approximately $422,000. Finally, Point72 Asset Management L.P. raised its position in Gogo by 29.0% during the second quarter. Point72 Asset Management L.P. now owns 30,700 shares of the technology company’s stock valued at $295,000 after purchasing an additional 6,900 shares during the period. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

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.