William Blair Comments on Gogo Inc.’s Q3 2024 Earnings (NASDAQ:GOGO)

Gogo Inc. (NASDAQ:GOGO) – Equities researchers at William Blair cut their Q3 2024 earnings estimates for Gogo in a research note issued to investors on Wednesday, August 7th. William Blair analyst L. Dipalma now expects that the technology company will post earnings of $0.06 per share for the quarter, down from their prior estimate of $0.07. The consensus estimate for Gogo’s current full-year earnings is $0.35 per share. William Blair also issued estimates for Gogo’s Q4 2024 earnings at $0.06 EPS.

Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Wednesday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.06). Gogo had a return on equity of 229.65% and a net margin of 38.61%. The firm had revenue of $102.10 million for the quarter, compared to analyst estimates of $99.02 million. During the same quarter in the prior year, the firm earned $0.20 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis.

Several other brokerages also recently commented on GOGO. Morgan Stanley reduced their target price on Gogo from $15.00 to $12.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 16th. JPMorgan Chase & Co. reduced their price objective on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Gogo presently has an average rating of “Hold” and a consensus price target of $15.38.

Gogo Price Performance

Shares of NASDAQ GOGO opened at $7.63 on Friday. The company has a quick ratio of 3.33, a current ratio of 4.20 and a debt-to-equity ratio of 9.39. The business’s 50 day moving average price is $9.31 and its two-hundred day moving average price is $9.23. The company has a market cap of $969.81 million, a PE ratio of 6.52 and a beta of 1.13. Gogo has a twelve month low of $7.38 and a twelve month high of $12.95.

Hedge Funds Weigh In On Gogo

Several institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in Gogo during the 2nd quarter worth approximately $109,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Gogo by 67.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,285 shares of the technology company’s stock worth $166,000 after buying an additional 6,941 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in shares of Gogo by 12.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock worth $187,000 after buying an additional 2,390 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Gogo during the fourth quarter worth $203,000. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of Gogo in the first quarter valued at about $221,000. Institutional investors and hedge funds 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.