Gogo (NASDAQ:GOGO) Stock Price Up 8.6% – Here’s Why

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Roth Mkm lowered their target price on shares of Gogo from $15.50 to $13.00 and set a “buy” rating for the company in a research note on Monday, March 17th. StockNews.com cut Gogo from a “hold” rating to a “sell” rating in a research report on Monday, March 17th.

Gogo Price Performance

The stock’s 50-day moving average is $7.80 and its 200 day moving average is $7.56. 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 has a market capitalization of $1.14 billion, a PE ratio of 20.14 and a beta of 1.01.

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 company had revenue of $137.80 million for the quarter, compared to analyst estimates of $97.80 million. Gogo had a return on equity of 121.96% and a net margin of 13.94%. The business’s quarterly revenue was up 40.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.11 earnings per share. As a group, equities analysts expect that Gogo Inc. will post 0.41 earnings per share for the current year.

Insider Activity

In other Gogo news, Director Oakleigh Thorne acquired 30,173 shares of the stock in a transaction on Monday, March 17th. The shares were bought at an average cost of $6.57 per share, with a total value of $198,236.61. Following the transaction, the director now 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 26.00% of the company’s stock.

Institutional Trading of Gogo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased its holdings in shares of Gogo by 138.4% in the fourth quarter. FMR LLC now owns 13,475,009 shares of the technology company’s stock valued at $109,013,000 after purchasing an additional 7,821,973 shares during the period. Capco Asset Management LLC increased its stake in Gogo by 22.1% in the 4th quarter. Capco Asset Management LLC now owns 3,009,743 shares of the technology company’s stock valued at $24,349,000 after buying an additional 544,178 shares during the period. Nantahala Capital Management LLC raised its position in Gogo by 441.5% during the 4th quarter. Nantahala Capital Management LLC now owns 2,574,642 shares of the technology company’s stock worth $20,829,000 after buying an additional 2,099,145 shares during the last quarter. State Street Corp lifted its stake in shares of Gogo by 2.1% in the 3rd quarter. State Street Corp now owns 2,461,691 shares of the technology company’s stock worth $17,675,000 after acquiring an additional 51,681 shares during the period. Finally, William Blair Investment Management LLC boosted its holdings in shares of Gogo by 15.8% in the fourth quarter. William Blair Investment Management LLC now owns 2,424,378 shares of the technology company’s stock valued at $19,613,000 after acquiring an additional 330,961 shares in the last quarter. 69.60% of the stock is owned by hedge funds and other institutional investors.

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.