Gogo (NASDAQ:GOGO) Trading 3.6% Higher

Gogo Inc. (NASDAQ:GOGO) shares were up 3.6% during trading on Wednesday . The stock traded as high as $8.42 and last traded at $8.41. Approximately 100,372 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 935,527 shares. The stock had previously closed at $8.12.

Wall Street Analyst Weigh In

GOGO has been the subject of several research analyst reports. JPMorgan Chase & Co. began coverage on Gogo in a research note on Thursday, February 29th. They set a “neutral” rating and a $11.00 target price for the company. Morgan Stanley decreased their price objective on shares of Gogo from $15.00 to $12.00 and set an “equal weight” rating on the stock in a report on Tuesday. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $15.30.

Gogo Stock Performance

The company has a current ratio of 4.37, a quick ratio of 3.49 and a debt-to-equity ratio of 14.43. The stock’s fifty day simple moving average is $8.86 and its 200 day simple moving average is $9.72. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 7.45 and a beta of 1.08.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.11 EPS for the quarter, meeting the consensus estimate of $0.11. Gogo had a negative return on equity of 7,172.73% and a net margin of 36.64%. The firm had revenue of $97.81 million during the quarter, compared to analysts’ expectations of $96.56 million. During the same quarter last year, the firm earned $0.21 earnings per share. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. As a group, analysts anticipate that Gogo Inc. will post 0.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Charles C. Townsend acquired 28,857 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was bought at an average price of $9.03 per share, for a total transaction of $260,578.71. Following the completion of the purchase, the director now directly owns 1,740,588 shares of the company’s stock, valued at approximately $15,717,509.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Harris N. Williams acquired 12,000 shares of Gogo stock in a transaction on Thursday, February 29th. The stock was purchased at an average cost of $8.10 per share, with a total value of $97,200.00. Following the purchase, the director now directly owns 20,990 shares in the company, valued at $170,019. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles C. Townsend bought 28,857 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was bought at an average cost of $9.03 per share, for a total transaction of $260,578.71. Following the acquisition, the director now owns 1,740,588 shares of the company’s stock, valued at approximately $15,717,509.64. The disclosure for this purchase can be found here. 26.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Gogo

Several institutional investors have recently bought and sold shares of the company. Burgundy Asset Management Ltd. purchased a new position in Gogo during the third quarter worth about $23,850,000. LB Partners LLC purchased a new position in Gogo in the fourth quarter worth $14,655,000. Millennium Management LLC lifted its holdings in Gogo by 1,102.7% in the fourth quarter. Millennium Management LLC now owns 1,087,723 shares of the technology company’s stock valued at $16,055,000 after acquiring an additional 997,281 shares during the period. State Street Corp boosted its position in shares of Gogo by 74.2% during the 2nd quarter. State Street Corp now owns 2,205,326 shares of the technology company’s stock worth $35,704,000 after purchasing an additional 939,632 shares in the last quarter. Finally, Sycale Advisors NY LLC grew its stake in shares of Gogo by 97.5% during the 3rd quarter. Sycale Advisors NY LLC now owns 1,859,328 shares of the technology company’s stock worth $22,182,000 after purchasing an additional 917,882 shares during the period. 69.60% of the stock is owned by institutional investors and hedge funds.

About Gogo

Gogo Inc, together with its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company's product platform includes networks, antennas, and airborne equipment and software. It offers in-flight systems; in-flight services; aviation partner support; and engineering, design, and development services, as well as production operations functions.