Gogo (NASDAQ:GOGO) Stock Price Down 4.8% – Here’s Why

Gogo Inc. (NASDAQ:GOGO)’s share price was down 4.8% during trading on Tuesday . The stock traded as low as $7.69 and last traded at $7.71. Approximately 551,949 shares traded hands during trading, a decline of 45% from the average daily volume of 1,006,213 shares. The stock had previously closed at $8.10.

Analyst Ratings Changes

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

Gogo Trading Down 8.1 %

The firm has a market capitalization of $935.80 million, a price-to-earnings ratio of 17.47 and a beta of 1.18. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07. The firm’s 50 day moving average is $7.31 and its 200 day moving average is $8.31.

Institutional Investors Weigh In On Gogo

Several large investors have recently modified their holdings of the stock. FMR LLC lifted its holdings in shares of Gogo by 13.5% during the third quarter. FMR LLC now owns 5,653,036 shares of the technology company’s stock valued at $40,589,000 after purchasing an additional 673,315 shares during the last quarter. Weiss Asset Management LP purchased a new stake in Gogo during the third quarter valued at about $3,031,000. Select Equity Group L.P. purchased a new stake in Gogo during the second quarter valued at about $2,764,000. LB Partners LLC boosted its holdings in shares of Gogo by 12.4% in the third quarter. LB Partners LLC now owns 2,045,000 shares of the technology company’s stock worth $14,683,000 after buying an additional 225,000 shares during the period. Finally, Dynamic Technology Lab Private Ltd increased its position in shares of Gogo by 612.1% in the third quarter. Dynamic Technology Lab Private Ltd now owns 253,114 shares of the technology company’s stock worth $1,817,000 after acquiring an additional 217,570 shares in the last quarter. 69.60% of the stock is owned by institutional investors.

About Gogo

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.