Gogo GOGO shares rallied 15.7% in the last trading session to close at $7.66. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.8% loss over the past four weeks.

GOGO has successfully secured Parts Manufacturer Approval for its Gogo Galileo HDX antenna from the Federal Aviation Administration. The company’s HDX antenna utilizes its global Eutelsat OneWeb Low Earth Orbit satellite constellation to deliver low latency connectivity and high-speed connectivity. This development has significantly improved commercial prospects for the GOGO’s in-flight connectivity portfolio. The company has significant international operations. Around 20% of the world's total commercial and business jet aircraft utilize Gogo’s solutions. The U.S. Government's recent announcement to pause higher tariffs for most countries, except China, for 90 days is a positive development for the company.

This in-flight internet provider is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of -68.8%. Revenues are expected to be $214.48 million, up 105.6% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Gogo, the consensus EPS estimate for the quarter has been revised 15.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on GOGO going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Gogo is a member of the Zacks Wireless National industry. One other stock in the same industry, Spok Holdings SPOK, finished the last trading session 0.9% higher at $15.14. SPOK has returned -8.1% over the past month.

For Spok , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.18. This represents a change of -14.3% from what the company reported a year ago. Spok currently has a Zacks Rank of #3 (Hold).

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This article originally published on Zacks Investment Research (zacks.com).

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