Gogo (NASDAQ:GOGO) Issues Quarterly Earnings Results

Gogo (NASDAQ:GOGO - Get Free Report) issued its quarterly earnings data on Thursday. The technology company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.12), Briefing.com reports. Gogo had a return on equity of 88.04% and a net margin of 1.05%.The company had revenue of $223.59 million during the quarter, compared to the consensus estimate of $222.23 million. During the same quarter last year, the company posted $0.08 earnings per share. The firm's revenue for the quarter was up 122.4% compared to the same quarter last year. Gogo updated its FY 2025 guidance to EPS.

Gogo Stock Down 13.1%

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Shares of Gogo stock traded down $1.15 during trading on Thursday, hitting $7.61. The company's stock had a trading volume of 3,806,156 shares, compared to its average volume of 1,309,395. The company has a market capitalization of $1.02 billion, a PE ratio of 190.25 and a beta of 1.04. The company has a debt-to-equity ratio of 8.10, a quick ratio of 1.32 and a current ratio of 1.71. Gogo has a 52 week low of $6.20 and a 52 week high of $16.82. The company has a fifty day simple moving average of $9.34 and a two-hundred day simple moving average of $11.39.

Analyst Ratings Changes

GOGO has been the subject of several research reports. Weiss Ratings restated a "sell (d+)" rating on shares of Gogo in a report on Wednesday, October 8th. Morgan Stanley initiated coverage on shares of Gogo in a report on Thursday, August 14th. They issued an "equal weight" rating and a $15.00 price objective for the company. Finally, Wall Street Zen lowered shares of Gogo from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $14.83.

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Get Our Latest Stock Report on GOGO

Insiders Place Their Bets

In other news, CEO Christopher John Moore acquired 10,000 shares of Gogo stock in a transaction on Friday, August 8th. The stock was acquired at an average cost of $12.11 per share, for a total transaction of $121,100.00. Following the purchase, the chief executive officer owned 10,000 shares in the company, valued at $121,100. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 25.78% of the company's stock.

Institutional Trading of Gogo

• Gogo Stock is Ready to Take Off Higher

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Millennium Management LLC increased its stake in Gogo by 439.5% during the 1st quarter. Millennium Management LLC now owns 709,003 shares of the technology company's stock valued at $6,112,000 after purchasing an additional 577,575 shares in the last quarter. Invesco Ltd. grew its stake in shares of Gogo by 171.8% in the second quarter. Invesco Ltd. now owns 501,944 shares of the technology company's stock worth $7,369,000 after acquiring an additional 317,264 shares during the period. Select Equity Group L.P. grew its stake in shares of Gogo by 24.1% in the second quarter. Select Equity Group L.P. now owns 500,007 shares of the technology company's stock worth $7,340,000 after acquiring an additional 97,020 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Gogo by 157.5% in the second quarter. BNP Paribas Financial Markets now owns 398,253 shares of the technology company's stock worth $5,846,000 after acquiring an additional 243,576 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Gogo by 23.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 294,173 shares of the technology company's stock worth $2,536,000 after acquiring an additional 56,232 shares during the period. 69.60% of the stock is currently 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.

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