Michael P. Bayer Sells 6,675 Shares of Gogo Inc. (NASDAQ:GOGO) Stock

Gogo Inc. (NASDAQ:GOGO) CAO Michael P. Bayer sold 6,675 shares of the company’s stock in a transaction dated Tuesday, June 8th. The stock was sold at an average price of $14.45, for a total transaction of $96,453.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

GOGO opened at $12.66 on Friday. Gogo Inc. has a 52-week low of $2.30 and a 52-week high of $17.23. The firm has a market capitalization of $1.39 billion, a P/E ratio of -6.03 and a beta of 1.22. The firm’s 50-day moving average is $11.63.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Thursday, May 6th. The technology company reported ($0.09) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.04. The business had revenue of $73.90 million during the quarter, compared to analyst estimates of $73.85 million. During the same quarter last year, the company posted ($1.04) EPS. Gogo’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, sell-side analysts forecast that Gogo Inc. will post 0.09 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in GOGO. Gtcr LLC purchased a new stake in Gogo in the 4th quarter worth approximately $122,055,000. Tenzing Global Management LLC boosted its position in Gogo by 24.6% in the 1st quarter. Tenzing Global Management LLC now owns 4,300,000 shares of the technology company’s stock worth $41,538,000 after purchasing an additional 850,000 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in Gogo in the 1st quarter worth approximately $4,918,000. Sycale Advisors NY LLC boosted its position in Gogo by 53.2% in the 1st quarter. Sycale Advisors NY LLC now owns 723,738 shares of the technology company’s stock worth $6,991,000 after purchasing an additional 251,295 shares in the last quarter. Finally, Hennessy Advisors Inc. purchased a new stake in Gogo in the 1st quarter worth approximately $2,260,000. Institutional investors and hedge funds own 46.05% of the company’s stock.

A number of research firms recently weighed in on GOGO. Cowen upped their price objective on shares of Gogo from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Monday, May 10th. William Blair raised shares of Gogo from a “market perform” rating to an “outperform” rating in a research report on Sunday, April 4th. Morgan Stanley reissued an “equal weight” rating and set a $13.00 price target on shares of Gogo in a research report on Tuesday, February 23rd. Finally, Zacks Investment Research lowered shares of Gogo from a “buy” rating to a “hold” rating in a research report on Wednesday, March 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $10.67.

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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