Gogo (NASDAQ:GOGO) Shares Up 8.6% – What’s Next?

Shares of Gogo Inc. (NASDAQ:GOGO) were up 8.6% during mid-day trading on Monday . The company traded as high as $7.80 and last traded at $8.06. Approximately 493,050 shares changed hands during trading, a decline of 55% from the average daily volume of 1,095,192 shares. The stock had previously closed at $7.42.

Analyst Ratings Changes

Several research firms have recently commented on GOGO. Roth Mkm reduced their price target on Gogo from $15.50 to $13.00 and set a “buy” rating for the company in a report on Monday, March 17th. StockNews.com downgraded Gogo from a “hold” rating to a “sell” rating in a report on Monday, March 17th.

Gogo Stock Performance

The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of 20.14 and a beta of 1.01. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58. The stock’s 50-day moving average price is $7.80 and its 200-day moving average price is $7.56.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings data on Friday, March 14th. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.03. The firm had revenue of $137.80 million during the quarter, compared to analysts’ expectations of $97.80 million. Gogo had a return on equity of 121.96% and a net margin of 13.94%. Gogo’s revenue was up 40.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.11 earnings per share. As a group, equities research analysts expect that Gogo Inc. will post 0.41 earnings per share for the current year.

Insider Activity at Gogo

In other Gogo news, Director Oakleigh Thorne purchased 30,173 shares of Gogo stock in a transaction on Monday, March 17th. The shares were bought at an average price of $6.57 per share, with a total value of $198,236.61. Following the completion of the acquisition, the director now directly owns 711,341 shares of the company’s stock, valued at approximately $4,673,510.37. This trade represents a 4.43 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 26.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. FMR LLC grew its holdings in Gogo by 138.4% during the 4th quarter. FMR LLC now owns 13,475,009 shares of the technology company’s stock valued at $109,013,000 after buying an additional 7,821,973 shares during the last quarter. Nantahala Capital Management LLC lifted its position in shares of Gogo by 441.5% in the fourth quarter. Nantahala Capital Management LLC now owns 2,574,642 shares of the technology company’s stock valued at $20,829,000 after acquiring an additional 2,099,145 shares in the last quarter. Silvercrest Asset Management Group LLC purchased a new stake in shares of Gogo in the fourth quarter valued at $14,147,000. Tenzing Global Management LLC increased its position in Gogo by 59.6% during the 4th quarter. Tenzing Global Management LLC now owns 2,075,000 shares of the technology company’s stock worth $16,787,000 after purchasing an additional 775,000 shares in the last quarter. Finally, Capco Asset Management LLC increased its position in Gogo by 22.1% during the 4th quarter. Capco Asset Management LLC now owns 3,009,743 shares of the technology company’s stock worth $24,349,000 after purchasing an additional 544,178 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors and hedge funds.

Gogo Company Profile

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.