Short Interest in Gogo Inc. (NASDAQ:GOGO) Grows By 5.4%

Gogo Inc. (NASDAQ:GOGO) saw a significant increase in short interest in June. As of June 30th, there was short interest totalling 12,860,000 shares, an increase of 5.4% from the June 15th total of 12,200,000 shares. Approximately 21.6% of the company’s shares are sold short. Based on an average daily trading volume, of 761,800 shares, the short-interest ratio is currently 16.9 days.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley decreased their price target on shares of Gogo from $15.00 to $12.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 16th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Gogo currently has a consensus rating of “Hold” and a consensus target price of $15.30.

Gogo Stock Down 1.6 %

Shares of NASDAQ GOGO traded down $0.15 on Wednesday, reaching $9.36. 62,512 shares of the company’s stock traded hands, compared to its average volume of 861,946. Gogo has a 12 month low of $7.53 and a 12 month high of $17.94. The business’s 50 day simple moving average is $9.93 and its two-hundred day simple moving average is $9.28. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 8.13 and a beta of 1.13. The company has a quick ratio of 3.33, a current ratio of 4.20 and a debt-to-equity ratio of 9.39.

Gogo (NASDAQ:GOGO) last announced its earnings results on Tuesday, May 7th. The technology company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.10. Gogo had a net margin of 38.61% and a return on equity of 229.65%. The business had revenue of $104.32 million during the quarter, compared to the consensus estimate of $96.62 million. As a group, equities research analysts forecast that Gogo will post 0.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Gogo

A number of institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp boosted its holdings in Gogo by 5.7% in the fourth quarter. Van ECK Associates Corp now owns 28,332 shares of the technology company’s stock worth $287,000 after purchasing an additional 1,538 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Gogo by 0.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 509,592 shares of the technology company’s stock worth $5,162,000 after purchasing an additional 1,735 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in Gogo by 12.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock worth $187,000 after purchasing an additional 2,390 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Gogo by 11.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 54,770 shares of the technology company’s stock worth $481,000 after purchasing an additional 5,688 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Gogo by 15.8% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 45,233 shares of the technology company’s stock worth $458,000 after purchasing an additional 6,179 shares during the last quarter. Hedge funds and other institutional investors 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.