Charles C. Townsend Purchases 300,000 Shares of Gogo Inc. (GOGO) Stock
Gogo Inc. (NASDAQ:GOGO) Director Charles C. Townsend bought 300,000 shares of the company’s stock in a transaction dated Monday, November 7th. The stock was purchased at an average cost of $9.69 per share, for a total transaction of $2,907,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Gogo Inc. (NASDAQ:GOGO) opened at 8.78 on Friday. The stock’s market capitalization is $757.19 million. The company’s 50-day moving average is $10.73 and its 200-day moving average is $10.23. Gogo Inc. has a 12 month low of $7.80 and a 12 month high of $19.61.
Gogo (NASDAQ:GOGO) last announced its earnings results on Thursday, November 3rd. The company reported ($0.42) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.03. The firm had revenue of $147.30 million for the quarter, compared to the consensus estimate of $146.77 million. Gogo had a negative net margin of 22.89% and a negative return on equity of 441.18%. The business’s quarterly revenue was up 16.5% on a year-over-year basis. During the same period last year, the company posted ($0.37) EPS. Equities analysts anticipate that Gogo Inc. will post ($1.54) earnings per share for the current year.
GOGO has been the topic of several analyst reports. Standpoint Research raised shares of Gogo from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Wednesday, August 31st. Zacks Investment Research raised shares of Gogo from a “sell” rating to a “hold” rating in a research report on Tuesday, August 23rd. William Blair reissued an “outperform” rating on shares of Gogo in a research report on Friday, September 30th. 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. Finally, JPMorgan Chase & Co. lowered their price objective 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. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Gogo currently has an average rating of “Hold” and a consensus price target of $13.60.
A number of hedge funds have recently made changes to their positions in the company. US Bancorp DE increased its stake in shares of Gogo by 5.8% in the third quarter. US Bancorp DE now owns 9,810 shares of the company’s stock valued at $108,000 after buying an additional 539 shares during the period. Merriman Wealth Management LLC bought a new stake in shares of Gogo during the third quarter valued at approximately $110,000. Stevens Capital Management LP bought a new stake in shares of Gogo during the third quarter valued at approximately $116,000. Tower Research Capital LLC TRC increased its stake in shares of Gogo by 2,045.2% in the third quarter. Tower Research Capital LLC TRC now owns 12,871 shares of the company’s stock valued at $142,000 after buying an additional 12,271 shares during the period. Finally, Summit Securities Group LLC bought a new stake in shares of Gogo during the second quarter valued at approximately $143,000. Hedge funds and other institutional investors own 74.31% of the company’s stock.
Gogo Company Profile
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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