Gogo (NASDAQ:GOGO) Stock Price Up 9.8% – Still a Buy?

Gogo Inc. (NASDAQ:GOGO)’s stock price rose 9.8% during mid-day trading on Wednesday . The stock traded as high as $7.99 and last traded at $7.97. Approximately 301,866 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 916,025 shares. The stock had previously closed at $7.26.

Gogo Price Performance

The business’s 50 day moving average price is $7.80 and its 200-day moving average price is $7.81. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07. The company has a market cap of $971.02 million, a PE ratio of 17.95 and a beta of 1.15.

Hedge Funds Weigh In On Gogo

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Gogo by 13.5% during the third quarter. FMR LLC now owns 5,653,036 shares of the technology company’s stock valued at $40,589,000 after acquiring an additional 673,315 shares in the last quarter. Weiss Asset Management LP purchased a new position in Gogo in the third quarter valued at about $3,031,000. Select Equity Group L.P. acquired a new stake in Gogo during the 2nd quarter valued at approximately $2,764,000. LB Partners LLC increased its holdings in Gogo by 12.4% during the 3rd quarter. LB Partners LLC now owns 2,045,000 shares of the technology company’s stock worth $14,683,000 after purchasing an additional 225,000 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd boosted its stake in shares of Gogo by 612.1% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 253,114 shares of the technology company’s stock valued at $1,817,000 after buying an additional 217,570 shares during the last quarter. Institutional investors and hedge funds own 69.60% of the company’s stock.

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.