Gogo Inc. (GOGO) Short Interest Down 12.7% in September
Gogo Inc. (NASDAQ:GOGO) was the recipient of a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 19,192,947 shares, a decline of 12.7% from the August 31st total of 21,973,474 shares. Based on an average daily volume of 1,092,505 shares, the short-interest ratio is currently 17.6 days. Currently, 33.8% of the company’s shares are sold short.
Shares of Gogo (NASDAQ:GOGO) opened at 12.89 on Thursday. Gogo has a 52 week low of $7.80 and a 52 week high of $19.61. The firm’s 50-day moving average is $11.97 and its 200-day moving average is $10.35. The company’s market cap is $1.11 billion.
Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by $0.11. Gogo had a negative net margin of 22.95% and a negative return on equity of 204.51%. The business had revenue of $147.50 million for the quarter, compared to the consensus estimate of $141.46 million. During the same quarter in the previous year, the business earned ($0.32) earnings per share. The firm’s revenue was up 21.7% on a year-over-year basis. Equities research analysts predict that Gogo will post ($1.55) earnings per share for the current year.
A number of research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Gogo from a “hold” rating to a “sell” rating in a research report on Tuesday, July 19th. Dougherty & Co dropped their price target on shares of Gogo from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, June 15th. Standpoint Research downgraded shares of Gogo from a “buy” rating to a “hold” rating in a research report on Thursday, August 18th. JPMorgan Chase & Co. dropped their target price on shares of Gogo from $18.00 to $17.00 and set an “overweight” rating on the stock in a research report on Friday, August 5th. Finally, Morgan Stanley dropped their target price on shares of Gogo from $11.00 to $8.00 and set an “underweight” rating on the stock in a research report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $13.60.
In other news, Director Robert H. Mundheim purchased 8,500 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were purchased at an average price of $11.53 per share, for a total transaction of $98,005.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Charles C. Townsend purchased 200,000 shares of the company’s stock in a transaction dated Monday, August 8th. The stock was purchased at an average price of $10.73 per share, for a total transaction of $2,146,000.00. The disclosure for this purchase can be found here. 37.70% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc boosted its position in shares of Gogo by 19.2% in the first quarter. Legal & General Group Plc now owns 9,701 shares of the company’s stock worth $106,000 after buying an additional 1,565 shares during the last quarter. Summit Securities Group LLC purchased a new position in shares of Gogo during the second quarter valued at about $143,000. Lazard Asset Management LLC purchased a new position in shares of Gogo during the first quarter valued at about $155,000. BlackRock Advisors LLC boosted its position in shares of Gogo by 5.4% in the second quarter. BlackRock Advisors LLC now owns 26,259 shares of the company’s stock valued at $220,000 after buying an additional 1,340 shares in the last quarter. Finally, Quantbot Technologies LP boosted its position in shares of Gogo by 29.3% in the second quarter. Quantbot Technologies LP now owns 27,845 shares of the company’s stock valued at $233,000 after buying an additional 6,307 shares in the last quarter. Institutional investors and hedge funds own 74.33% of the company’s stock.
Gogo Inc is a holding company. The Company is a provider of in-flight connectivity and wireless entertainment solutions for the aviation industry across the world. The Company operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW) and Business Aviation (BA).
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