ValuEngine Downgrades Gogo (NASDAQ:GOGO) to Sell

ValuEngine lowered shares of Gogo (NASDAQ:GOGO) from a hold rating to a sell rating in a research report report published on Thursday, September 13th.

Several other equities research analysts have also commented on the company. Raymond James lowered Gogo from an outperform rating to a market perform rating and set a $15.00 target price on the stock. in a research report on Tuesday, July 24th. Morgan Stanley cut their price target on Gogo from $7.00 to $3.00 and set a positive rating on the stock in a report on Wednesday, May 30th. Zacks Investment Research upgraded Gogo from a sell rating to a hold rating in a report on Tuesday, August 7th. BidaskClub lowered Gogo from a hold rating to a sell rating in a report on Saturday, September 8th. Finally, Northland Securities cut their price target on Gogo from $3.50 to $1.50 and set an under perform rating on the stock in a report on Friday, May 18th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $8.38.

Shares of Gogo stock traded down $0.14 on Thursday, hitting $5.45. 1,541,700 shares of the company’s stock traded hands, compared to its average volume of 1,511,250. Gogo has a one year low of $3.52 and a one year high of $11.97. The company has a debt-to-equity ratio of -4.44, a current ratio of 2.01 and a quick ratio of 1.43. The firm has a market cap of $453.35 million, a price-to-earnings ratio of -2.58 and a beta of 1.13.

Gogo (NASDAQ:GOGO) last announced its earnings results on Wednesday, August 8th. The technology company reported ($0.47) EPS for the quarter, beating the consensus estimate of ($0.74) by $0.27. The business had revenue of $227.50 million for the quarter, compared to the consensus estimate of $207.64 million. During the same quarter in the previous year, the company earned ($0.56) EPS. The firm’s revenue for the quarter was up 31.7% on a year-over-year basis. On average, sell-side analysts expect that Gogo will post -2.16 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of GOGO. Millennium Management LLC purchased a new stake in shares of Gogo in the fourth quarter worth approximately $115,000. Gabelli Funds LLC raised its stake in shares of Gogo by 5.2% in the first quarter. Gabelli Funds LLC now owns 1,849,200 shares of the technology company’s stock worth $15,959,000 after purchasing an additional 91,500 shares during the last quarter. Gamco Investors INC. ET AL raised its stake in shares of Gogo by 8.0% in the first quarter. Gamco Investors INC. ET AL now owns 1,070,500 shares of the technology company’s stock worth $9,238,000 after purchasing an additional 79,475 shares during the last quarter. First Midwest Bank Trust Division increased its position in shares of Gogo by 477.0% during the second quarter. First Midwest Bank Trust Division now owns 435,931 shares of the technology company’s stock valued at $2,118,000 after acquiring an additional 360,384 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its position in shares of Gogo by 57.1% during the second quarter. CIBC Private Wealth Group LLC now owns 55,000 shares of the technology company’s stock valued at $267,000 after acquiring an additional 20,000 shares during the last quarter. 67.59% of the stock is owned by hedge funds and other institutional investors.

About Gogo

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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