Zacks Investment Research lowered shares of Gogo Inc. (NASDAQ:GOGO) from a hold rating to a sell rating in a research report released on Wednesday, July 5th.
According to Zacks, “Gogo is the leading provider of in-flight connectivity and wireless entertainment solutions for the global aviation industry. They currently provide services on approximately 9,600 aircraft, which represents more than 20% of the world’s total commercial and business jet aircraft. Gogo has partnerships with 14 commercial airlines and is installed on more than 2,500 commercial aircraft. Nearly 7,000 business aircraft are also flying with its solutions, including the world’s largest fractional ownership fleets. Gogo also is a factory option at every major business aircraft manufacturer. Gogo is headquartered in Chicago, IL, with additional facilities in Broomfield, CO, and various locations overseas. “
GOGO has been the subject of several other reports. Raymond James Financial, Inc. started coverage on shares of Gogo in a research note on Wednesday, May 31st. They issued an outperform rating and a $15.00 target price for the company. Dougherty & Co raised their target price on shares of Gogo from $17.50 to $19.00 and gave the company a buy rating in a research note on Sunday, May 7th. ValuEngine upgraded shares of Gogo from a sell rating to a hold rating in a research report on Tuesday, June 6th. Finally, UBS AG restated a buy rating and set a $15.00 price objective (up from $14.00) on shares of Gogo in a research report on Friday, May 5th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $14.75.
Gogo (NASDAQ GOGO) traded up 1.42% during trading on Wednesday, hitting $12.12. The stock had a trading volume of 375,686 shares. The company’s market capitalization is $1.05 billion. Gogo has a 12-month low of $8.20 and a 12-month high of $13.69. The stock has a 50 day moving average price of $11.69 and a 200 day moving average price of $11.16.
Gogo (NASDAQ:GOGO) last issued its earnings results on Thursday, May 4th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.52). The firm had revenue of $165.41 million during the quarter, compared to analyst estimates of $160.04 million. During the same quarter last year, the business posted ($0.31) earnings per share. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. Equities research analysts forecast that Gogo will post ($1.94) earnings per share for the current year.
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Hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new position in shares of Gogo during the fourth quarter valued at approximately $668,000. State Street Corp boosted its position in shares of Gogo by 5.4% in the fourth quarter. State Street Corp now owns 993,673 shares of the technology company’s stock worth $9,160,000 after buying an additional 51,032 shares during the period. Two Sigma Investments LP boosted its position in shares of Gogo by 474.3% in the fourth quarter. Two Sigma Investments LP now owns 303,775 shares of the technology company’s stock worth $2,801,000 after buying an additional 250,876 shares during the period. Guggenheim Capital LLC boosted its position in shares of Gogo by 0.6% in the fourth quarter. Guggenheim Capital LLC now owns 11,623 shares of the technology company’s stock worth $107,000 after buying an additional 73 shares during the period. Finally, United Capital Financial Advisers LLC purchased a new position in shares of Gogo during the fourth quarter worth about $219,000. 64.62% of the stock is currently owned by institutional investors.
Gogo Inc is a holding company. The Company is a provider of in-flight broadband connectivity and connectivity-enabled services to commercial and business aviation. The Company operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW) and Business Aviation (BA).
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