Gogo (NASDAQ:GOGO) Shares Up 3.6%

Gogo Inc. (NASDAQ:GOGO) was up 3.6% during trading on Wednesday . The stock traded as high as $8.42 and last traded at $8.41. Approximately 100,372 shares were traded during trading, a decline of 89% from the average daily volume of 935,527 shares. The stock had previously closed at $8.12.

Analyst Ratings Changes

A number of brokerages recently commented on GOGO. JPMorgan Chase & Co. started coverage on shares of Gogo in a research note on Thursday, February 29th. They set a “neutral” rating and a $11.00 price target on the stock. Morgan Stanley cut their price target on Gogo from $15.00 to $12.00 and set an “equal weight” rating for the company in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Gogo presently has an average rating of “Hold” and a consensus target price of $15.30.

Gogo Trading Up 3.4 %

The company has a current ratio of 4.37, a quick ratio of 3.49 and a debt-to-equity ratio of 14.43. The stock has a market cap of $1.08 billion, a PE ratio of 7.45 and a beta of 1.08. The firm has a fifty day simple moving average of $8.86 and a two-hundred day simple moving average of $9.72.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.11 EPS for the quarter, meeting analysts’ consensus estimates of $0.11. The business had revenue of $97.81 million for the quarter, compared to analysts’ expectations of $96.56 million. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. The business’s quarterly revenue was down 9.6% on a year-over-year basis. During the same period last year, the business earned $0.21 earnings per share. As a group, equities analysts expect that Gogo Inc. will post 0.38 earnings per share for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Gogo

Several large investors have recently made changes to their positions in the business. Belpointe Asset Management LLC purchased a new position in Gogo in the first quarter worth about $29,000. Royal Bank of Canada increased its position in shares of Gogo by 76.6% during the third quarter. Royal Bank of Canada now owns 3,069 shares of the technology company’s stock valued at $37,000 after acquiring an additional 1,331 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Gogo by 432.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,609 shares of the technology company’s stock valued at $39,000 after acquiring an additional 2,119 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in Gogo by 41.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 2,178 shares of the technology company’s stock worth $44,000 after acquiring an additional 633 shares during the last quarter. Finally, UBS Group AG lifted its position in Gogo by 41.7% in the 3rd quarter. UBS Group AG now owns 4,033 shares of the technology company’s stock valued at $49,000 after acquiring an additional 1,186 shares in the last quarter. 69.60% of the stock is currently owned by hedge funds and other 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.