Gogo Inc. (GOGO) Raised to “Hold” at Zacks Investment Research
According to Zacks, “Gogo Inc. offers in-flight connectivity and wireless digital entertainment solutions in-flights. It operates through Commercial Aviation and Business Aviation segments. The Company provides equipment for in-flight connectivity with voice and data services, wireless digital entertainment solutions. Gogo Inc. is headquartered in Itasca, Illinois. “
Several other research firms have also weighed in on GOGO. William Blair reiterated a buy rating on shares of Gogo in a research note on Monday, June 6th. Standpoint Research started coverage on shares of Gogo in a research note on Thursday, June 23rd. They issued a buy rating and a $14.00 price objective on the stock. Morgan Stanley dropped their price objective on shares of Gogo from $11.00 to $8.00 and set an underweight rating on the stock in a research note on Thursday, July 28th. JPMorgan Chase & Co. dropped their price objective on shares of Gogo from $18.00 to $17.00 and set an overweight rating on the stock in a research note on Friday, August 5th. Finally, Dougherty & Co dropped their price objective on shares of Gogo from $17.00 to $14.00 and set a buy rating on the stock in a research note on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $13.60.
Gogo (NASDAQ:GOGO) opened at 11.95 on Wednesday. The firm’s market cap is $1.03 billion. Gogo has a one year low of $7.80 and a one year high of $19.61. The firm has a 50-day moving average of $11.44 and a 200-day moving average of $10.31.
Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Thursday, August 4th. The company reported ($0.51) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.40) by $0.11. The company earned $147.50 million during the quarter, compared to analyst estimates of $141.46 million. Gogo had a negative net margin of 22.95% and a negative return on equity of 204.51%. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.32) EPS. Analysts anticipate that Gogo will post ($1.55) EPS for the current year.
In related news, insider Michael Small purchased 50,000 shares of Gogo stock in a transaction on Monday, August 8th. The stock was purchased at an average cost of $10.37 per share, with a total value of $518,500.00. Following the acquisition, the insider now directly owns 244,832 shares in the company, valued at $2,538,907.84. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles C. Townsend purchased 200,000 shares of Gogo stock in a transaction on Monday, August 8th. The stock was bought at an average cost of $10.73 per share, with a total value of $2,146,000.00. The disclosure for this purchase can be found here. 37.70% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of GOGO. Legal & General Group Plc increased its position in Gogo by 19.2% in the first quarter. Legal & General Group Plc now owns 9,701 shares of the company’s stock worth $106,000 after buying an additional 1,565 shares during the last quarter. Lazard Asset Management LLC acquired a new position in Gogo during the first quarter worth approximately $155,000. Summit Securities Group LLC acquired a new position in Gogo during the second quarter worth approximately $143,000. BlackRock Group LTD increased its position in Gogo by 44.6% in the first quarter. BlackRock Group LTD now owns 21,622 shares of the company’s stock worth $238,000 after buying an additional 6,674 shares during the last quarter. Finally, Logan Capital Management Inc. increased its position in Gogo by 13.3% in the first quarter. Logan Capital Management Inc. now owns 23,887 shares of the company’s stock worth $263,000 after buying an additional 2,800 shares during the last quarter. 74.33% of the stock is owned by hedge funds and other institutional investors.
Gogo Company Profile
Gogo Inc is a holding company. The Company is a provider of in-flight connectivity and wireless entertainment solutions for the aviation industry across the world. The Company 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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