Gogo Inc (NASDAQ:GOGO)’s stock price shot up 9% during trading on Wednesday . The company traded as high as $5.80 and last traded at $5.71, 4,514,050 shares traded hands during trading. An increase of 196% from the average session volume of 1,522,451 shares. The stock had previously closed at $5.24.

A number of research firms have commented on GOGO. Zacks Investment Research downgraded Gogo from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 14th. BidaskClub raised Gogo from a “sell” rating to a “hold” rating in a report on Friday, September 6th. Finally, ValuEngine downgraded Gogo from a “hold” rating to a “sell” rating in a report on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $5.75.

The firm has a market cap of $461.48 million, a P/E ratio of -3.40 and a beta of 0.96. The firm has a fifty day moving average of $4.28 and a 200-day moving average of $4.61.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.59) by $0.12. The company had revenue of $213.70 million during the quarter, compared to the consensus estimate of $199.62 million. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period last year, the business posted ($0.47) EPS. Research analysts expect that Gogo Inc will post -1.83 earnings per share for the current year.

In related news, Director Charles C. Townsend purchased 65,651 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were acquired at an average price of $3.94 per share, with a total value of $258,664.94. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles C. Townsend purchased 100,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average cost of $4.43 per share, for a total transaction of $443,000.00. Following the acquisition, the director now owns 109,844 shares in the company, valued at approximately $486,608.92. The disclosure for this purchase can be found here. In the last three months, insiders purchased 265,851 shares of company stock worth $1,101,013. Company insiders own 41.50% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in GOGO. Kavar Capital Partners LLC acquired a new stake in Gogo in the 2nd quarter valued at approximately $25,000. Aperio Group LLC acquired a new stake in Gogo in the 2nd quarter valued at approximately $40,000. Coatue Management LLC acquired a new stake in Gogo in the 2nd quarter valued at approximately $44,000. Walleye Trading Advisors LLC acquired a new stake in Gogo in the 2nd quarter valued at approximately $44,000. Finally, Metropolitan Life Insurance Co NY acquired a new stake in Gogo in the 1st quarter valued at approximately $73,000. 61.18% of the stock is currently owned by institutional investors and hedge funds.

Gogo Company Profile (NASDAQ:GOGO)

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It 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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