Gogo (NASDAQ:GOGO) Trading Down 7.5% – Time to Sell?

Gogo Inc. (NASDAQ:GOGO) was down 7.5% during trading on Friday . The company traded as low as $7.33 and last traded at $7.41. Approximately 523,321 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 1,002,539 shares. The stock had previously closed at $8.01.

Analysts Set New Price Targets

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

Gogo Stock Down 5.9 %

The business has a 50 day simple moving average of $7.11 and a 200 day simple moving average of $8.47. The company has a market capitalization of $948.38 million, a price-to-earnings ratio of 17.53 and a beta of 1.10. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81.

Hedge Funds Weigh In On Gogo

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. nVerses Capital LLC purchased a new stake in Gogo during the third quarter worth about $34,000. Brighton Jones LLC acquired a new position in shares of Gogo in the third quarter valued at approximately $72,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Gogo during the 2nd quarter worth approximately $107,000. AQR Capital Management LLC acquired a new stake in Gogo during the 2nd quarter worth approximately $108,000. Finally, SG Americas Securities LLC acquired a new position in shares of Gogo in the second quarter worth $109,000. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

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.