Gogo (NASDAQ:GOGO) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Friday, BidAskClub reports.

Several other equities analysts also recently issued reports on GOGO. Zacks Investment Research raised Gogo from a “hold” rating to a “buy” rating and set a $6.50 target price on the stock in a research report on Wednesday. Roth Capital assumed coverage on Gogo in a research report on Monday, May 13th. They issued a “buy” rating and a $10.00 target price on the stock. Finally, Cowen raised Gogo from a “market perform” rating to an “outperform” rating and upped their target price for the company from $4.25 to $7.00 in a research report on Thursday, April 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. Gogo presently has an average rating of “Buy” and an average price target of $7.17.

Shares of NASDAQ GOGO traded down $0.01 during mid-day trading on Friday, hitting $5.41. The stock had a trading volume of 514,796 shares, compared to its average volume of 1,503,447. Gogo has a twelve month low of $2.64 and a twelve month high of $7.82. The company has a market cap of $474.99 million, a price-to-earnings ratio of -2.96 and a beta of 1.35.

Gogo (NASDAQ:GOGO) last released its earnings results on Thursday, May 9th. The technology company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.31. The firm had revenue of $199.55 million during the quarter, compared to analyst estimates of $198.00 million. During the same period in the previous year, the company earned ($0.34) earnings per share. Gogo’s revenue was down 13.9% on a year-over-year basis. As a group, sell-side analysts predict that Gogo will post -1.73 earnings per share for the current year.

In related news, Director Charles C. Townsend purchased 64,389 shares of the business’s stock in a transaction on Monday, May 13th. The shares were bought at an average cost of $5.48 per share, with a total value of $352,851.72. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles C. Townsend purchased 277,405 shares of the business’s stock in a transaction on Wednesday, February 27th. The shares were bought at an average cost of $4.36 per share, for a total transaction of $1,209,485.80. The disclosure for this purchase can be found here. 36.20% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in GOGO. MetLife Investment Advisors LLC grew its position in Gogo by 56.3% during the 3rd quarter. MetLife Investment Advisors LLC now owns 42,843 shares of the technology company’s stock worth $222,000 after purchasing an additional 15,424 shares during the period. Teachers Advisors LLC grew its position in Gogo by 33.6% during the 3rd quarter. Teachers Advisors LLC now owns 373,014 shares of the technology company’s stock worth $1,936,000 after purchasing an additional 93,763 shares during the period. TIAA CREF Investment Management LLC grew its position in Gogo by 7.6% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 449,894 shares of the technology company’s stock worth $2,335,000 after purchasing an additional 31,817 shares during the period. Morgan Stanley grew its position in Gogo by 220.8% during the 3rd quarter. Morgan Stanley now owns 545,784 shares of the technology company’s stock worth $2,832,000 after purchasing an additional 375,640 shares during the period. Finally, Vanguard Group Inc. grew its position in Gogo by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 5,245,544 shares of the technology company’s stock worth $27,225,000 after purchasing an additional 185,486 shares during the period. 61.00% of the stock is currently owned by institutional investors.

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).

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Analyst Recommendations for Gogo (NASDAQ:GOGO)

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