Gogo (NASDAQ:GOGO) Director Acquires $724,760.87 in Stock

Gogo Inc. (NASDAQ:GOGO) Director Charles Townsend bought 158,591 shares of the business’s stock in a transaction on Thursday, March 12th. The shares were acquired at an average cost of $4.57 per share, with a total value of $724,760.87. Following the purchase, the director owned 418,686 shares of the company’s stock, valued at $1,913,395.02. The trade was a 60.97% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Gogo Stock Performance

Shares of Gogo stock opened at $4.31 on Monday. The firm has a market cap of $580.47 million, a PE ratio of 43.10 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.60 and a debt-to-equity ratio of 8.24. Gogo Inc. has a 52 week low of $3.85 and a 52 week high of $16.82. The business’s fifty day simple moving average is $4.60 and its 200-day simple moving average is $6.72.

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Gogo in a research 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 target price on shares of Gogo in a report on Friday, January 16th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $12.25.

Institutional Investors Weigh In On Gogo

Several large investors have recently added to or reduced their stakes in the business. Fortitude Family Office LLC purchased a new position in Gogo in the 3rd quarter valued at approximately $30,000. State of Wyoming purchased a new stake in shares of Gogo during the third quarter worth $32,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Gogo during the fourth quarter worth $27,000. Quarry LP raised its stake in shares of Gogo by 86.1% in the third quarter. Quarry LP now owns 7,171 shares of the technology company’s stock valued at $62,000 after acquiring an additional 3,318 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in Gogo by 300.1% in the second quarter. Tower Research Capital LLC TRC now owns 8,163 shares of the technology company’s stock valued at $120,000 after purchasing an additional 6,123 shares during the period. 69.60% of the stock is owned by hedge funds and other institutional investors.

Gogo Company Profile

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.