Gogo (NASDAQ:GOGO) Stock Price Down 4.4% - Here's What Happened

Shares of Gogo Inc. (NASDAQ:GOGO - Get Free Report) traded down 4.4% on Wednesday . The stock traded as low as $6.65 and last traded at $6.65. 167,859 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 1,031,006 shares. The stock had previously closed at $6.95.

Gogo Stock Up 0.6 %

The firm has a market capitalization of $865.36 million, a PE ratio of 16.00 and a beta of 1.01. The firm's 50 day moving average price is $7.89 and its two-hundred day moving average price is $7.60. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC boosted its stake in shares of Gogo by 357.5% in the third quarter. Barclays PLC now owns 109,959 shares of the technology company's stock valued at $789,000 after purchasing an additional 85,925 shares during the period. Van ECK Associates Corp raised its holdings in Gogo by 256.1% in the fourth quarter. Van ECK Associates Corp now owns 154,706 shares of the technology company's stock valued at $1,252,000 after acquiring an additional 111,267 shares in the last quarter. State Street Corp raised its holdings in Gogo by 2.1% in the third quarter. State Street Corp now owns 2,461,691 shares of the technology company's stock valued at $17,675,000 after acquiring an additional 51,681 shares in the last quarter. FMR LLC raised its holdings in Gogo by 13.5% in the third quarter. FMR LLC now owns 5,653,036 shares of the technology company's stock valued at $40,589,000 after acquiring an additional 673,315 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd raised its holdings in Gogo by 612.1% in the third quarter. Dynamic Technology Lab Private Ltd now owns 253,114 shares of the technology company's stock valued at $1,817,000 after acquiring an additional 217,570 shares in the last quarter. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

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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.