Gogo (NASDAQ:GOGO) Downgraded to Sell Rating by StockNews.com

Gogo (NASDAQ:GOGO) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

Separately, Roth Mkm lowered their price objective on Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a report on Monday.

Gogo Stock Performance

NASDAQ:GOGO traded down $0.39 during mid-day trading on Monday, reaching $6.47. 2,583,815 shares of the stock were exchanged, compared to its average volume of 1,064,604. 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 capitalization of $813.79 million, a P/E ratio of 15.05 and a beta of 1.01. The company has a 50 day simple moving average of $7.75 and a 200-day simple moving average of $7.56. Gogo has a 1 year low of $6.17 and a 1 year high of $11.00.

Gogo (NASDAQ:GOGO) last announced its earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.03. Gogo had a return on equity of 121.96% and a net margin of 13.94%. The company had revenue of $137.80 million for the quarter, compared to the consensus estimate of $97.80 million. During the same period last year, the business posted $0.11 EPS. The company’s revenue was up 40.9% on a year-over-year basis. Analysts anticipate that Gogo will post 0.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gogo

Several institutional investors and hedge funds have recently made changes to their positions in the business. Lazard Asset Management LLC purchased a new stake in shares of Gogo during the fourth quarter worth about $43,000. State of Wyoming purchased a new stake in shares of Gogo during the 4th quarter valued at $57,000. Teza Capital Management LLC acquired a new stake in shares of Gogo during the 4th quarter worth $110,000. Hsbc Holdings PLC acquired a new position in Gogo in the fourth quarter valued at $116,000. Finally, Diametric Capital LP acquired a new stake in Gogo during the fourth quarter worth about $121,000. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

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.