Q3 2024 EPS Estimates for Gogo Inc. Lowered by Analyst (NASDAQ:GOGO)

Gogo Inc. (NASDAQ:GOGO) – Equities research analysts at Roth Capital cut their Q3 2024 earnings per share estimates for shares of Gogo in a report released on Tuesday, May 7th. Roth Capital analyst S. Searle now anticipates that the technology company will earn $0.07 per share for the quarter, down from their prior estimate of $0.08. The consensus estimate for Gogo’s current full-year earnings is $0.36 per share. Roth Capital also issued estimates for Gogo’s Q4 2024 earnings at $0.08 EPS and FY2024 earnings at $0.39 EPS.

GOGO has been the subject of several other reports. Morgan Stanley reduced their target price on Gogo from $15.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday, April 16th. JPMorgan Chase & Co. started coverage on Gogo in a research note on Thursday, February 29th. They set a “neutral” rating and a $11.00 price target for the company. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Gogo presently has an average rating of “Hold” and a consensus target price of $15.30.

Gogo Trading Up 4.4 %

NASDAQ:GOGO opened at $10.20 on Friday. The company has a market cap of $1.31 billion, a PE ratio of 8.72 and a beta of 1.04. The company has a debt-to-equity ratio of 14.43, a current ratio of 4.37 and a quick ratio of 3.49. Gogo has a one year low of $7.53 and a one year high of $17.94. The firm has a 50-day moving average of $8.73 and a 200-day moving average of $9.41.

Gogo (NASDAQ:GOGO) last issued its earnings results on Wednesday, February 28th. The technology company reported $0.11 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.11. The company had revenue of $97.81 million for the quarter, compared to analyst estimates of $96.56 million. Gogo had a negative return on equity of 7,172.73% and a net margin of 36.64%. Gogo’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.21 earnings per share.

Insider Activity

In other news, Director Charles C. Townsend purchased 28,857 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was purchased at an average cost of $9.03 per share, with a total value of $260,578.71. Following the acquisition, the director now directly owns 1,740,588 shares in the company, valued at $15,717,509.64. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other Gogo news, Director Charles C. Townsend acquired 28,857 shares of the stock in a transaction dated Thursday, March 14th. The stock was purchased at an average cost of $9.03 per share, for a total transaction of $260,578.71. Following the acquisition, the director now owns 1,740,588 shares in the company, valued at approximately $15,717,509.64. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Harris N. Williams purchased 12,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was purchased at an average cost of $8.10 per share, for a total transaction of $97,200.00. Following the acquisition, the director now owns 20,990 shares in the company, valued at $170,019. The disclosure for this purchase can be found here. Company insiders own 26.00% of the company’s stock.

Hedge Funds Weigh In On Gogo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Gogo by 52.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,344 shares of the technology company’s stock valued at $123,000 after purchasing an additional 3,574 shares during the last quarter. Ballentine Partners LLC purchased a new position in shares of Gogo in the 4th quarter worth $140,000. Teza Capital Management LLC bought a new stake in shares of Gogo in the third quarter worth $158,000. SG Americas Securities LLC bought a new stake in shares of Gogo in the third quarter worth $177,000. Finally, State Board of Administration of Florida Retirement System increased its holdings in Gogo by 12.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock valued at $187,000 after buying an additional 2,390 shares during the last quarter. 69.60% of the stock is owned by 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.