Gogo (NASDAQ:GOGO) Releases Quarterly Earnings Results, Beats Expectations By $0.29 EPS

Gogo (NASDAQ:GOGO) posted its quarterly earnings data on Thursday. The technology company reported ($0.28) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.57) by $0.29, Briefing.com reports. The firm had revenue of $201.18 million during the quarter, compared to analyst estimates of $206.07 million. Gogo’s revenue was down 7.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.47) earnings per share.

Shares of NASDAQ GOGO traded up $0.02 during mid-day trading on Friday, hitting $6.50. 2,653,900 shares of the company were exchanged, compared to its average volume of 1,622,084. The firm has a market cap of $570.68 million, a price-to-earnings ratio of -3.55 and a beta of 1.05. The stock has a 50 day simple moving average of $5.99 and a 200-day simple moving average of $5.03. Gogo has a 1-year low of $2.64 and a 1-year high of $7.23.

In other Gogo news, Director Charles C. Townsend purchased 100,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average cost of $4.43 per share, with a total value of $443,000.00. Following the purchase, the director now owns 109,844 shares in the company, valued at $486,608.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles C. Townsend purchased 45,200 shares of the firm’s stock in a transaction on Friday, August 30th. The stock was acquired at an average cost of $3.99 per share, for a total transaction of $180,348.00. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 265,851 shares of company stock valued at $1,101,013. 41.50% of the stock is currently owned by company insiders.

Several research firms have recently weighed in on GOGO. Zacks Investment Research raised Gogo from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a report on Thursday, October 31st. BidaskClub raised Gogo from a “hold” rating to a “buy” rating in a report on Wednesday, October 30th. ValuEngine raised Gogo from a “sell” rating to a “hold” rating in a report on Thursday. Finally, William Blair reaffirmed a “buy” rating on shares of Gogo in a report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $6.38.

About Gogo

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).

Read More: What does a hold rating mean?

Earnings History for Gogo (NASDAQ:GOGO)

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