Gogo (GOGO) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Gogo (NASDAQ:GOGO) from a buy rating to a hold rating in a research note published on Thursday morning.

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 analysts have also issued research reports about the company. ValuEngine raised Gogo from a sell rating to a hold rating in a research report on Wednesday, October 17th. Northland Securities set a $2.00 price objective on Gogo and gave the company a sell rating in a research report on Tuesday, November 6th. Finally, BidaskClub raised Gogo from a sell rating to a hold rating in a research report on Tuesday, September 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $7.50.

Shares of Gogo stock opened at $3.80 on Thursday. The firm 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 12 month low of $2.64 and a 12 month high of $10.84.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data on Tuesday, November 6th. The technology company reported ($0.47) EPS for the quarter, beating the consensus estimate of ($0.71) by $0.24. The firm had revenue of $217.26 million for the quarter, compared to analysts’ expectations of $212.01 million. The business’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.57) EPS. As a group, equities research analysts forecast that Gogo will post -2 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. US Bancorp DE raised its position in shares of Gogo by 50.6% in the 3rd quarter. US Bancorp DE now owns 26,550 shares of the technology company’s stock worth $138,000 after purchasing an additional 8,921 shares during the last quarter. MetLife Investment Advisors LLC raised its position in shares of Gogo by 56.3% in the 3rd quarter. MetLife Investment Advisors LLC now owns 42,843 shares of the technology company’s stock worth $222,000 after purchasing an additional 15,424 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Gogo in the 3rd quarter worth about $105,000. HighPoint Advisor Group LLC purchased a new position in shares of Gogo in the 2nd quarter worth about $109,000. Finally, Northern Trust Corp raised its position in shares of Gogo by 4.4% in the 2nd quarter. Northern Trust Corp now owns 701,785 shares of the technology company’s stock worth $3,410,000 after purchasing an additional 29,843 shares during the last quarter. 67.31% of the stock is owned by hedge funds and other institutional investors.

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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