Insider Buying: Gogo (NASDAQ:GOGO) Director Purchases $414,996.86 in Stock

Gogo Inc. (NASDAQ:GOGO) Director Charles Townsend bought 91,409 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were bought at an average price of $4.54 per share, with a total value of $414,996.86. Following the completion of the acquisition, the director directly owned 260,095 shares in the company, valued at $1,180,831.30. This trade represents a 54.19% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Gogo Price Performance

GOGO opened at $4.31 on Monday. The stock’s 50 day simple moving average is $4.60 and its 200 day simple moving average is $6.72. The company has a debt-to-equity ratio of 8.24, a current ratio of 1.60 and a quick ratio of 1.24. Gogo Inc. has a 1 year low of $3.85 and a 1 year high of $16.82. The firm has a market cap of $580.47 million, a price-to-earnings ratio of 43.10 and a beta of 1.07.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data on Friday, February 27th. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.09). The company had revenue of $230.56 million during the quarter, compared to the consensus estimate of $222.65 million. Gogo had a net margin of 1.42% and a return on equity of 55.95%. The business’s revenue for the quarter was up 67.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.22) EPS. As a group, analysts predict that Gogo Inc. will post 0.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Gogo in a report on Monday, December 29th. William Blair lowered shares of Gogo from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 9th. Finally, Morgan Stanley set a $8.00 price objective on shares of Gogo in a research report on Friday, January 16th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $12.25.

Institutional Investors Weigh In On Gogo

Large investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd bought a new position in shares of Gogo during the fourth quarter valued at approximately $27,000. Fortitude Family Office LLC purchased a new stake in Gogo in the third quarter worth $30,000. State of Wyoming bought a new stake in Gogo in the third quarter valued at $32,000. Farther Finance Advisors LLC boosted its holdings in Gogo by 91,500.0% in the fourth quarter. Farther Finance Advisors LLC now owns 10,076 shares of the technology company’s stock valued at $47,000 after acquiring an additional 10,065 shares in the last quarter. Finally, Stifel Financial Corp purchased a new position in Gogo during the 4th quarter valued at $52,000. 69.60% of the stock is currently owned by institutional investors.

About Gogo

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.