Gogo (NASDAQ:GOGO) Reaches New 52-Week Low – Time to Sell?

Gogo Inc. (NASDAQ:GOGO)’s stock price reached a new 52-week low during trading on Friday . The stock traded as low as $3.81 and last traded at $3.8050, with a volume of 1382711 shares. The stock had previously closed at $4.12.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Roth Mkm set a $12.00 target price on shares of Gogo in a research note on Thursday, May 7th. Morgan Stanley dropped their price target on Gogo from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 21st. Finally, Weiss Ratings raised Gogo from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $9.50.

Gogo Stock Down 8.0%

The company’s 50-day moving average is $4.32 and its 200 day moving average is $4.79. The company has a market capitalization of $512.56 million, a PE ratio of 34.45 and a beta of 1.09. The company has a debt-to-equity ratio of 6.89, a quick ratio of 1.27 and a current ratio of 1.66.

Insider Activity

In other news, Director Charles C. Townsend purchased 158,591 shares of the business’s stock in a transaction dated Thursday, March 12th. The shares were purchased at an average price of $4.57 per share, for a total transaction of $724,760.87. Following the completion of the acquisition, the director directly owned 418,686 shares in the company, valued at $1,913,395.02. This represents a 60.97% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 25.60% of the company’s stock.

Hedge Funds Weigh In On Gogo

A number of hedge funds have recently added to or reduced their stakes in the company. Nantahala Capital Management LLC bought a new position in Gogo in the 4th quarter valued at approximately $31,654,000. Bank of America Corp DE raised its stake in shares of Gogo by 244.1% in the first quarter. Bank of America Corp DE now owns 5,340,615 shares of the technology company’s stock worth $21,469,000 after purchasing an additional 3,788,659 shares during the last quarter. Millennium Management LLC raised its stake in shares of Gogo by 774.0% in the fourth quarter. Millennium Management LLC now owns 2,355,573 shares of the technology company’s stock worth $10,977,000 after purchasing an additional 2,086,042 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Gogo during the fourth quarter valued at $5,250,000. Finally, Two Sigma Investments LP boosted its position in shares of Gogo by 512.6% during the third quarter. Two Sigma Investments LP now owns 1,218,005 shares of the technology company’s stock valued at $10,463,000 after buying an additional 1,019,195 shares during the last quarter. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

Gogo Company Profile

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.