Gogo Inc. (NASDAQ:GOGO) Sees Significant Growth in Short Interest

Gogo Inc. (NASDAQ:GOGO) was the recipient of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 19,080,000 shares, an increase of 13.9% from the October 31st total of 16,750,000 shares. Based on an average trading volume of 1,270,000 shares, the short-interest ratio is presently 15.0 days. Approximately 30.9% of the shares of the company are sold short.

Hedge Funds Weigh In On Gogo

A number of institutional investors have recently bought and sold shares of GOGO. Vanguard Group Inc. grew its position in Gogo by 0.8% in the first quarter. Vanguard Group Inc. now owns 5,748,287 shares of the technology company’s stock worth $50,470,000 after acquiring an additional 44,340 shares in the last quarter. FMR LLC raised its stake in shares of 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 purchasing an additional 673,315 shares in the last quarter. Burgundy Asset Management Ltd. lifted its position in Gogo by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 3,108,226 shares of the technology company’s stock worth $29,901,000 after purchasing an additional 43,805 shares during the period. Capco Asset Management LLC boosted its stake in Gogo by 1.7% during the second quarter. Capco Asset Management LLC now owns 2,479,974 shares of the technology company’s stock worth $23,857,000 after buying an additional 41,866 shares in the last quarter. Finally, State Street Corp increased its holdings in Gogo by 2.1% in the 3rd quarter. State Street Corp now owns 2,461,691 shares of the technology company’s stock valued at $17,675,000 after buying an additional 51,681 shares during the period. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Roth Mkm reiterated a “buy” rating and set a $15.50 target price on shares of Gogo in a research report on Tuesday, September 17th. JPMorgan Chase & Co. cut their target price on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Finally, Morgan Stanley lowered their price target on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 3rd.

Gogo Stock Performance

Shares of GOGO traded down $0.69 during trading hours on Tuesday, reaching $7.41. 2,529,709 shares of the company’s stock traded hands, compared to its average volume of 1,014,910. The business’s fifty day simple moving average is $7.32 and its two-hundred day simple moving average is $8.29. The firm has a market capitalization of $932.03 million, a price-to-earnings ratio of 17.23 and a beta of 1.18. Gogo has a twelve month low of $6.17 and a twelve month high of $11.17. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81.

About Gogo

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.