Gogo (NASDAQ:GOGO) issued its quarterly earnings results on Tuesday. The technology company reported ($0.47) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.21, MarketWatch Earnings reports. The company had revenue of $217.26 million during the quarter, compared to the consensus estimate of $212.01 million. The firm’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.57) earnings per share. Gogo updated its FY 2018 guidance to EPS.
Shares of Gogo stock traded down $0.27 during trading on Wednesday, hitting $7.04. 45,175 shares of the stock traded hands, compared to its average volume of 1,663,651. The firm has a market cap of $488.30 million, a P/E ratio of -3.25 and a beta of 0.82. Gogo has a 52-week low of $3.52 and a 52-week high of $11.75.
Several institutional investors have recently made changes to their positions in GOGO. First Midwest Bank Trust Division increased its stake in shares of Gogo by 477.0% during the second quarter. First Midwest Bank Trust Division now owns 435,931 shares of the technology company’s stock valued at $2,118,000 after buying an additional 360,384 shares during the period. Gamco Investors INC. ET AL increased its stake in shares of Gogo by 14.0% during the third quarter. Gamco Investors INC. ET AL now owns 1,379,200 shares of the technology company’s stock valued at $7,158,000 after buying an additional 169,400 shares during the period. Gabelli Funds LLC increased its stake in shares of Gogo by 7.7% during the second quarter. Gabelli Funds LLC now owns 1,991,000 shares of the technology company’s stock valued at $9,676,000 after buying an additional 141,800 shares during the period. Hodges Capital Management Inc. purchased a new position in shares of Gogo during the third quarter valued at $481,000. Finally, Russell Investments Group Ltd. increased its stake in shares of Gogo by 40.5% during the third quarter. Russell Investments Group Ltd. now owns 251,758 shares of the technology company’s stock valued at $1,306,000 after buying an additional 72,532 shares during the period. Hedge funds and other institutional investors own 68.12% of the company’s stock.
A number of analysts recently issued reports on the company. ValuEngine upgraded Gogo from a “hold” rating to a “buy” rating in a research report on Tuesday. Northland Securities set a $2.00 target price on Gogo and gave the stock a “sell” rating in a research note on Tuesday. BidaskClub lowered Gogo from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Zacks Investment Research lowered Gogo from a “hold” rating to a “sell” rating in a research note on Wednesday, July 11th. Finally, William Blair lowered Gogo from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 17th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $8.50.
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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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