Gogo (GOGO) Rating Lowered to Hold at Zacks Investment Research

Gogo (NASDAQ:GOGO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “Gogo is the leading provider of in-flight connectivity and wireless entertainment solutions for the global aviation industry. They currently provide services on approximately 9,600 aircraft, which represents more than 20% of the world’s total commercial and business jet aircraft. Gogo has partnerships with 14 commercial airlines and is installed on more than 2,500 commercial aircraft. Nearly 7,000 business aircraft are also flying with its solutions, including the world’s largest fractional ownership fleets. Gogo also is a factory option at every major business aircraft manufacturer. Gogo is headquartered in Chicago, IL, with additional facilities in Broomfield, CO, and various locations overseas. “

Several other research firms have also recently issued reports on GOGO. Northland Securities set a $2.00 price objective on shares of Gogo and gave the stock a “sell” rating in a research report on Tuesday, November 6th. BidaskClub cut shares of Gogo from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Finally, ValuEngine upgraded shares of Gogo from a “hold” rating to a “buy” rating in a research report on Tuesday, November 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Gogo presently has a consensus rating of “Hold” and an average target price of $7.75.

Gogo stock opened at $3.61 on Tuesday. Gogo has a 12-month low of $2.64 and a 12-month high of $10.84. The stock has a market cap of $327.09 million, a P/E ratio of -1.68 and a beta of 1.25.

A number of institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in Gogo by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 667,641 shares of the technology company’s stock worth $1,996,000 after buying an additional 18,884 shares during the period. Elk Creek Partners LLC boosted its stake in Gogo by 3.4% during the fourth quarter. Elk Creek Partners LLC now owns 3,460,886 shares of the technology company’s stock worth $10,348,000 after buying an additional 113,405 shares during the period. New York State Common Retirement Fund boosted its stake in Gogo by 3.5% during the fourth quarter. New York State Common Retirement Fund now owns 929,468 shares of the technology company’s stock worth $2,779,000 after buying an additional 31,630 shares during the period. Pinnacle Associates Ltd. purchased a new position in Gogo during the fourth quarter worth about $46,000. Finally, Rhumbline Advisers boosted its stake in Gogo by 47.0% during the fourth quarter. Rhumbline Advisers now owns 75,404 shares of the technology company’s stock worth $225,000 after buying an additional 24,117 shares during the period. Hedge funds and other institutional investors own 67.72% of the company’s stock.

Gogo Company Profile

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA).

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