Gogo (NASDAQ:GOGO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
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. “
Other equities research analysts have also recently issued reports about the company. BidaskClub raised Gogo from a “hold” rating to a “buy” rating in a report on Saturday, October 6th. ValuEngine raised Gogo from a “hold” rating to a “buy” rating in a report on Tuesday, November 6th. Finally, Northland Securities set a $2.00 price target on Gogo and gave the company a “sell” rating in a report on Tuesday, November 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Gogo has a consensus rating of “Hold” and an average price target of $7.50.
NASDAQ:GOGO opened at $3.80 on Thursday. The stock has a market cap of $311.35 million, a price-to-earnings ratio of -1.75 and a beta of 0.96. Gogo has a 52 week low of $2.64 and a 52 week high of $10.84.
Gogo (NASDAQ:GOGO) last posted its quarterly earnings results on Tuesday, November 6th. The technology company reported ($0.47) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.71) by $0.24. The business had revenue of $217.26 million for the quarter, compared to the consensus estimate of $212.01 million. Gogo’s revenue was up 25.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.57) earnings per share. On average, equities research analysts predict that Gogo will post -2 EPS for the current year.
Institutional investors have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd purchased a new position in shares of Gogo during the third quarter valued at about $105,000. HighPoint Advisor Group LLC purchased a new position in shares of Gogo during the second quarter valued at about $109,000. US Bancorp DE grew its position in shares of Gogo by 50.6% during the third quarter. US Bancorp DE now owns 26,550 shares of the technology company’s stock valued at $138,000 after purchasing an additional 8,921 shares in the last quarter. MetLife Investment Advisors LLC grew its position in shares of Gogo by 56.3% during the third quarter. MetLife Investment Advisors LLC now owns 42,843 shares of the technology company’s stock valued at $222,000 after purchasing an additional 15,424 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Gogo during the third quarter valued at about $318,000. Hedge funds and other institutional investors own 67.31% of the company’s stock.
Gogo Company Profile
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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