Gogo (NASDAQ:GOGO) Hits New 1-Year Low at $6.69

Shares of Gogo Inc. (NASDAQ:GOGO) reached a new 52-week low during trading on Wednesday . The stock traded as low as $6.69 and last traded at $6.69, with a volume of 559697 shares trading hands. The stock had previously closed at $6.90.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GOGO. JPMorgan Chase & Co. cut their price objective on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Roth Mkm reaffirmed a “buy” rating and set a $15.50 price target on shares of Gogo in a research report on Tuesday, September 17th. Finally, Morgan Stanley reduced their price objective on Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 3rd.

Gogo Stock Performance

The firm’s 50 day moving average is $7.96 and its 200-day moving average is $8.86. The stock has a market capitalization of $840.41 million, a price-to-earnings ratio of 5.90 and a beta of 1.11. The company has a debt-to-equity ratio of 11.25, a quick ratio of 3.16 and a current ratio of 3.95.

Gogo (NASDAQ:GOGO) last posted its earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.06). Gogo had a return on equity of 145.01% and a net margin of 16.59%. The firm had revenue of $102.10 million for the quarter, compared to analysts’ expectations of $99.02 million. During the same period in the previous year, the company earned $0.20 earnings per share. The company’s revenue was down 1.1% compared to the same quarter last year. Analysts forecast that Gogo Inc. will post 0.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gogo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Gogo in the second quarter valued at about $107,000. AQR Capital Management LLC purchased a new position in Gogo in the 2nd quarter valued at about $108,000. SG Americas Securities LLC purchased a new position in Gogo in the 2nd quarter valued at about $109,000. Point72 DIFC Ltd acquired a new stake in Gogo in the 2nd quarter worth about $117,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Gogo by 67.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,285 shares of the technology company’s stock worth $166,000 after buying an additional 6,941 shares in the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

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.