Gogo (NASDAQ:GOGO) Sees Large Volume Increase

Gogo Inc. (NASDAQ:GOGO) saw unusually-strong trading volume on Tuesday . Approximately 980,829 shares traded hands during mid-day trading, an increase of 14% from the previous session’s volume of 858,053 shares.The stock last traded at $8.13 and had previously closed at $8.01.

Wall Street Analyst Weigh In

Separately, Morgan Stanley reduced their price target on shares of Gogo from $15.00 to $12.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Gogo has a consensus rating of “Hold” and an average target price of $15.30.

Gogo Price Performance

The company has a 50-day moving average of $9.58 and a 200-day moving average of $9.27. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 6.85 and a beta of 1.13. The company has a debt-to-equity ratio of 9.39, a quick ratio of 3.33 and a current ratio of 4.20.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.10. The business had revenue of $104.32 million for the quarter, compared to analyst estimates of $96.62 million. Gogo had a return on equity of 229.65% and a net margin of 38.61%. As a group, equities research analysts expect that Gogo Inc. will post 0.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gogo

A number of large investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its holdings in Gogo by 5.7% during the 4th quarter. Van ECK Associates Corp now owns 28,332 shares of the technology company’s stock worth $287,000 after purchasing an additional 1,538 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Gogo by 0.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 509,592 shares of the technology company’s stock worth $5,162,000 after buying an additional 1,735 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Gogo by 12.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock valued at $187,000 after purchasing an additional 2,390 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in shares of Gogo by 11.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 54,770 shares of the technology company’s stock worth $481,000 after buying an additional 5,688 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC grew its holdings in Gogo by 15.8% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 45,233 shares of the technology company’s stock worth $458,000 after buying an additional 6,179 shares in the last quarter. 69.60% of the stock is owned by institutional investors and hedge funds.

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.