Charles Townsend Buys 91,409 Shares of Gogo (NASDAQ:GOGO) Stock

Gogo Inc. (NASDAQ:GOGO) Director Charles Townsend purchased 91,409 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were bought at an average price of $4.54 per share, for a total transaction of $414,996.86. Following the purchase, the director directly owned 260,095 shares in the company, valued at $1,180,831.30. This represents a 54.19% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Gogo Trading Down 4.0%

NASDAQ GOGO opened at $4.31 on Friday. Gogo Inc. has a 12-month low of $3.85 and a 12-month high of $16.82. The company has a fifty day simple moving average of $4.60 and a two-hundred day simple moving average of $6.76. The company has a current ratio of 1.60, a quick ratio of 1.24 and a debt-to-equity ratio of 8.24. The stock has a market cap of $580.47 million, a P/E ratio of 43.10 and a beta of 1.07.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data on Friday, February 27th. The technology company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). Gogo had a net margin of 1.42% and a return on equity of 55.95%. The company had revenue of $230.56 million for the quarter, compared to analysts’ expectations of $222.65 million. During the same period last year, the firm earned ($0.22) earnings per share. Gogo’s quarterly revenue was up 67.3% compared to the same quarter last year. On average, analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GOGO. Morgan Stanley set a $8.00 price objective on Gogo in a report on Friday, January 16th. William Blair lowered Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Gogo in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $12.25.

Institutional Investors Weigh In On Gogo

Several hedge funds have recently added to or reduced their stakes in the business. Fortitude Family Office LLC acquired a new stake in Gogo during the 3rd quarter worth about $30,000. State of Wyoming purchased a new stake in shares of Gogo in the third quarter worth about $32,000. Caitong International Asset Management Co. Ltd acquired a new stake in Gogo during the fourth quarter worth about $27,000. Quarry LP grew its holdings in Gogo by 86.1% during the third 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 period. Finally, Tower Research Capital LLC TRC raised its position in Gogo by 300.1% during the second quarter. Tower Research Capital LLC TRC now owns 8,163 shares of the technology company’s stock valued at $120,000 after acquiring an additional 6,123 shares in the last quarter. 69.60% of the stock is owned by hedge funds and other institutional investors.

About Gogo

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.