UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Trims Stock Position in Gogo Inc. $GOGO

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in Gogo Inc. (NASDAQ:GOGO) by 52.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 390,771 shares of the technology company’s stock after selling 435,072 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Gogo were worth $1,211,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Brighton Jones LLC lifted its holdings in shares of Gogo by 69.6% during the 4th quarter. Brighton Jones LLC now owns 17,000 shares of the technology company’s stock worth $138,000 after acquiring an additional 6,978 shares during the period. AQR Capital Management LLC increased its position in Gogo by 43.4% during the first quarter. AQR Capital Management LLC now owns 47,219 shares of the technology company’s stock worth $407,000 after purchasing an additional 14,293 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Gogo by 6.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,205 shares of the technology company’s stock worth $338,000 after purchasing an additional 2,342 shares during the last quarter. Millennium Management LLC raised its stake in Gogo by 439.5% during the first quarter. Millennium Management LLC now owns 709,003 shares of the technology company’s stock worth $6,112,000 after purchasing an additional 577,575 shares during the period. Finally, Creative Planning purchased a new position in Gogo during the second quarter worth approximately $253,000. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Gogo Stock Up 1.2%

NASDAQ GOGO opened at $2.62 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.73 and a debt-to-equity ratio of 6.74. Gogo Inc. has a fifty-two week low of $2.45 and a fifty-two week high of $10.38. The business has a 50 day moving average price of $3.27 and a two-hundred day moving average price of $3.86. The stock has a market cap of $355.04 million, a PE ratio of 262.00 and a beta of 1.03.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Thursday, August 6th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). Gogo had a negative net margin of 0.09% and a positive return on equity of 22.55%. The firm had revenue of $222.81 million for the quarter, compared to analysts’ expectations of $229.35 million. During the same quarter in the prior year, the business earned $0.09 EPS. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, sell-side analysts predict that Gogo Inc. will post 0.14 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GOGO has been the topic of several research reports. Wall Street Zen raised Gogo from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. Morgan Stanley dropped their price target on Gogo from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, May 21st. Roth Capital restated a “buy” rating on shares of Gogo in a report on Friday, August 7th. Zacks Research lowered Gogo from a “hold” rating to a “strong sell” rating in a research note on Friday, August 7th. Finally, Weiss Ratings cut Gogo from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $8.50.

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.