LB Partners LLC Purchases 654,034 Shares of Gogo Inc. $GOGO

LB Partners LLC grew its position in shares of Gogo Inc. (NASDAQ:GOGO) by 436.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 804,034 shares of the technology company’s stock after acquiring an additional 654,034 shares during the quarter. Gogo accounts for 2.9% of LB Partners LLC’s holdings, making the stock its 10th biggest position. LB Partners LLC owned approximately 0.59% of Gogo worth $3,232,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd bought a new position in Gogo in the fourth quarter valued at approximately $27,000. Farther Finance Advisors LLC boosted its stake in shares of Gogo by 91,500.0% during the 4th quarter. Farther Finance Advisors LLC now owns 10,076 shares of the technology company’s stock worth $47,000 after acquiring an additional 10,065 shares during the period. Stifel Financial Corp acquired a new position in shares of Gogo during the 4th quarter worth approximately $52,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Gogo in the 4th quarter valued at $54,000. Finally, nVerses Capital LLC acquired a new stake in Gogo during the fourth quarter worth approximately $57,000. Institutional investors own 69.60% of the company’s stock.

Gogo Trading Up 11.9%

Shares of Gogo stock opened at $3.47 on Thursday. The firm’s 50 day moving average is $3.93 and its 200 day moving average is $4.34. The firm has a market capitalization of $469.28 million, a PE ratio of 31.55 and a beta of 1.16. Gogo Inc. has a 1 year low of $3.02 and a 1 year high of $16.82. The company has a current ratio of 1.66, a quick ratio of 1.27 and a debt-to-equity ratio of 6.89.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GOGO. Roth Mkm set a $12.00 price objective on Gogo in a report on Thursday, May 7th. Morgan Stanley dropped their price target on Gogo from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, May 21st. Finally, Weiss Ratings upgraded shares of Gogo from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $9.50.

Gogo 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.