$GOGO Technical Damage On The Charts

$GOGO looks to have broken its bull trend line . We believe prices are heading lower. The key support level to watch over the next few days is the 200 day moving average of $4.91 a share. If that fails to hold, we are looking at a target price of between $3 and $4 a share. $GOGO bulls needs to be cautious here.

Last week, $GOGO reported earnings and here are the highlights:

$GOGO reported mixed Q3 results that beat on EPS but missed on revenue with a 7% Y/Y sales drop .

2Ku aircraft online reached 1,289, up 73 aircraft on the quarter.

Revenue breakdown: CA-NA, $84.1M (-22% Y/Y); CA-ROW, $35.7M (+1%); BA, $81. 3M (+11%).

The FY19 outlook continues to see in-line revenue of $800-850M (consensus: $830.74M) and revises the adjusted EBITDA expectation to $120-130M from the prior $105-115M. The revenue total puts CA-NA, CA-ROW, and BA all at the high end of their previously supplied guidance.

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). The CA-NA segment offers inflight connectivity and wireless digital entertainment solutions to commercial airline passengers flying routes that generally begin and end within North America. The CA-ROW segment provides inflight connectivity and wireless digital entertainment solutions to passengers flying on foreign-based commercial airlines and flights outside of North America for North American based commercial airlines. The BA segment offers equipment for inflight connectivity, including voice and data services to the business aviation market. Its services include AVANCE, an inflight broadband service that utilizes air-to-ground ( ATG ) network and ATG spectrum; Passenger Entertainment, an inflight entertainment service; and satellite-based voice and data services through strategic alliances with satellite companies. This segment serves aircraft manufacturers, owners, and operators, as well as government and military entities. The company was founded in 1991 and is headquartered in Chicago, Illinois.

As always, use protective stops and trade with caution.

Good luck to all!
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