Short Interest in Gogo Inc. (GOGO) Increases By 18.5%
Gogo Inc. (NASDAQ:GOGO) was the target of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 22,737,373 shares, an increase of 18.5% from the September 15th total of 19,192,947 shares. Based on an average trading volume of 1,572,629 shares, the short-interest ratio is currently 14.5 days. Approximately 40.1% of the shares of the company are short sold.
A number of equities research analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Gogo from a “sell” rating to a “hold” rating in a research note on Wednesday, September 28th. Standpoint Research upgraded shares of Gogo from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Wednesday, August 31st. William Blair reiterated an “outperform” rating on shares of Gogo in a research note on Friday, September 30th. JPMorgan Chase & Co. decreased their price target on shares of Gogo from $18.00 to $17.00 and set an “overweight” rating on the stock in a research note on Friday, August 5th. Finally, Morgan Stanley decreased their price target on shares of Gogo from $11.00 to $8.00 and set an “underweight” rating on the stock in a research note on Thursday, July 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $13.60.
Gogo (NASDAQ:GOGO) opened at 10.75 on Friday. The company’s market capitalization is $926.39 million. Gogo has a one year low of $7.80 and a one year high of $19.61. The firm’s 50 day moving average price is $11.77 and its 200-day moving average price is $10.35.
Gogo (NASDAQ:GOGO) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.51) earnings per share 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 earned $147.50 million during the quarter, compared to the consensus estimate of $141.46 million. During the same quarter last year, the company posted ($0.32) EPS. The firm’s revenue was up 21.7% on a year-over-year basis. Equities analysts forecast that Gogo will post ($1.55) earnings per share for the current fiscal year.
In related news, Director Charles C. Townsend acquired 200,000 shares of the stock in a transaction dated Monday, August 8th. The shares were acquired at an average price of $10.73 per share, for a total transaction of $2,146,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert H. Mundheim acquired 8,500 shares of the stock in a transaction dated Thursday, August 11th. The stock was bought at an average price of $11.53 per share, for a total transaction of $98,005.00. The disclosure for this purchase can be found here. 37.70% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of the stock. Spark Investment Management LLC acquired a new stake in Gogo during the first quarter worth $764,000. Lazard Asset Management LLC acquired a new stake in Gogo during the first quarter worth $155,000. Quadrature Capital Ltd acquired a new stake in Gogo during the first quarter worth $273,000. Wellington Management Group LLP boosted its stake in Gogo by 22.0% in the first quarter. Wellington Management Group LLP now owns 2,525,921 shares of the company’s stock worth $27,811,000 after buying an additional 455,535 shares during the period. Finally, TENOR CAPITAL MANAGEMENT Co. L.P. acquired a new stake in Gogo during the first quarter worth $2,036,000. 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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