Gogo (NASDAQ:GOGO) Shares Down 5.8% – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO) shares traded down 5.8% during mid-day trading on Wednesday . The stock traded as low as $6.99 and last traded at $6.91. 195,989 shares were traded during mid-day trading, a decline of 81% from the average session volume of 1,041,346 shares. The stock had previously closed at $7.34.

Gogo Stock Performance

The company has a current ratio of 3.58, a quick ratio of 2.81 and a debt-to-equity ratio of 11.07. The firm has a market capitalization of $880.70 million, a price-to-earnings ratio of 16.27 and a beta of 1.01. The stock’s 50 day moving average price is $7.85 and its two-hundred day moving average price is $7.59.

Institutional Trading of Gogo

A number of institutional investors have recently added to or reduced their stakes in GOGO. Lazard Asset Management LLC bought a new stake in shares of Gogo during the fourth quarter valued at about $43,000. State of Wyoming acquired a new stake in shares of Gogo during the 4th quarter valued at about $57,000. Teza Capital Management LLC acquired a new stake in Gogo during the 4th quarter valued at $110,000. Hsbc Holdings PLC bought a new position in Gogo in the 4th quarter valued at $116,000. Finally, Diametric Capital LP bought a new stake in shares of Gogo in the 4th quarter valued at about $121,000. 69.60% of the stock is owned by hedge funds and other institutional investors.

About Gogo

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.