Gogo (NASDAQ:GOGO) Stock Price Down 4.8% – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO) shares dropped 4.8% during mid-day trading on Tuesday . The company traded as low as $7.69 and last traded at $7.71. Approximately 551,949 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 1,006,213 shares. The stock had previously closed at $8.10.

Wall Street Analyst Weigh In

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

Gogo Trading Down 8.1 %

The business has a 50-day moving average of $7.31 and a 200-day moving average of $8.31. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07. The stock has a market cap of $935.80 million, a price-to-earnings ratio of 17.47 and a beta of 1.18.

Institutional Investors Weigh In On Gogo

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Gogo by 0.8% in the first quarter. Vanguard Group Inc. now owns 5,748,287 shares of the technology company’s stock worth $50,470,000 after acquiring an additional 44,340 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Gogo by 26.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 55,236 shares of the technology company’s stock worth $485,000 after buying an additional 11,505 shares during the last quarter. SG Americas Securities LLC bought a new position in Gogo during the second quarter valued at about $109,000. Bank of New York Mellon Corp lifted its position in shares of Gogo by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 675,845 shares of the technology company’s stock worth $6,502,000 after buying an additional 24,665 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Gogo by 67.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,285 shares of the technology company’s stock valued at $166,000 after acquiring an additional 6,941 shares during the last quarter. Institutional investors own 69.60% of the company’s stock.

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.