Gogo (NASDAQ:GOGO) Shares Gap Up Following Insider Buying Activity

Shares of Gogo Inc. (NASDAQ:GOGO) gapped up prior to trading on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $4.70, but opened at $5.04. Gogo shares last traded at $4.8650, with a volume of 808,177 shares.

Specifically, insider Oakleigh Thorne purchased 170,000 shares of the firm’s stock in a transaction on Friday, December 12th. The shares were bought at an average cost of $5.34 per share, for a total transaction of $907,800.00. Following the transaction, the insider directly owned 954,098 shares of the company’s stock, valued at approximately $5,094,883.32. This trade represents a 21.68% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Analyst Ratings Changes

GOGO has been the topic of several research reports. Weiss Ratings restated a “sell (d)” rating on shares of Gogo in a research note on Monday. William Blair cut shares of Gogo from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 9th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $14.83.

Gogo Stock Performance

The company has a debt-to-equity ratio of 7.79, a current ratio of 1.74 and a quick ratio of 1.40. The stock’s 50 day simple moving average is $7.73 and its two-hundred day simple moving average is $10.82. The company has a market capitalization of $651.58 million, a P/E ratio of -97.50 and a beta of 0.89.

Gogo (NASDAQ:GOGO) last issued its earnings results on Thursday, November 6th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.12). Gogo had a positive return on equity of 71.74% and a negative net margin of 0.65%.The company had revenue of $223.59 million for the quarter, compared to the consensus estimate of $222.23 million. During the same quarter last year, the business posted $0.08 EPS. Gogo’s quarterly revenue was up 122.4% on a year-over-year basis. As a group, research analysts expect that Gogo Inc. will post 0.41 earnings per share for the current year.

Institutional Investors Weigh In On Gogo

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fortitude Family Office LLC bought a new position in shares of Gogo in the 3rd quarter valued at about $30,000. State of Wyoming acquired a new position in Gogo during the third quarter worth approximately $32,000. Quarry LP increased its holdings in shares of Gogo by 86.1% during the 3rd quarter. Quarry LP now owns 7,171 shares of the technology company’s stock worth $62,000 after acquiring an additional 3,318 shares during the last quarter. Focus Partners Wealth bought a new stake in Gogo in the 3rd quarter valued at $72,000. Finally, USA Financial Formulas acquired a new stake in Gogo during the 2nd quarter valued at $76,000. 69.60% of the stock is owned by institutional investors.

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.