Gogo (NASDAQ:GOGO) Stock Price Up 9.6% – Should You Buy?

Gogo Inc. (NASDAQ:GOGO) shares were up 9.6% during mid-day trading on Monday . The stock traded as high as $7.33 and last traded at $7.19. Approximately 832,812 shares were traded during mid-day trading, a decline of 10% from the average daily volume of 924,484 shares. The stock had previously closed at $6.56.

Analysts Set New Price Targets

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

Gogo Stock Performance

The company has a debt-to-equity ratio of 11.25, a current ratio of 3.95 and a quick ratio of 3.16. The stock has a market capitalization of $930.41 million, a price-to-earnings ratio of 6.09 and a beta of 1.09. The firm has a fifty day moving average of $7.26 and a 200 day moving average of $8.65.

Gogo (NASDAQ:GOGO) last released its earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Gogo had a return on equity of 145.01% and a net margin of 16.59%. The business 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 EPS. Gogo’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Gogo Inc. will post 0.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gogo

Several institutional investors have recently added to or reduced their stakes in GOGO. Capstone Investment Advisors LLC acquired a new position in Gogo in the 1st quarter valued at about $736,000. Select Equity Group L.P. purchased a new position in Gogo in the second quarter valued at about $2,764,000. Millennium Management LLC raised its stake in shares of Gogo by 19.0% during the second quarter. Millennium Management LLC now owns 814,833 shares of the technology company’s stock valued at $7,839,000 after purchasing an additional 130,344 shares during the period. William Blair Investment Management LLC boosted its position in Gogo by 7.9% in the 2nd quarter. William Blair Investment Management LLC now owns 2,073,693 shares of the technology company’s stock valued at $19,949,000 after buying an additional 152,338 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its position in shares of Gogo by 12.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock worth $187,000 after buying an additional 2,390 shares in the last quarter. Institutional investors and hedge funds 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.