Gogo (NASDAQ:GOGO) Shares Gap Up to $9.41

Shares of Gogo Inc. (NASDAQ:GOGO) gapped up prior to trading on Tuesday . The stock had previously closed at $9.41, but opened at $10.05. Gogo shares last traded at $10.23, with a volume of 461,507 shares trading hands.

Analyst Ratings Changes

Several brokerages recently issued reports on GOGO. JPMorgan Chase & Co. initiated coverage on Gogo in a report on Thursday, February 29th. They issued a “neutral” rating and a $11.00 price target on the stock. Morgan Stanley lowered their price target on shares of Gogo from $15.00 to $12.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 16th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Gogo currently has a consensus rating of “Hold” and an average target price of $15.30.

Gogo Stock Up 4.4 %

The stock has a 50 day moving average price of $8.73 and a 200 day moving average price of $9.41. The company has a market cap of $1.31 billion, a P/E ratio of 8.72 and a beta of 1.04. The company has a debt-to-equity ratio of 14.43, a quick ratio of 3.49 and a current ratio of 4.37.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.11 EPS for the quarter, meeting analysts’ consensus estimates of $0.11. The company had revenue of $97.81 million during the quarter, compared to the consensus estimate of $96.56 million. Gogo had a negative return on equity of 7,172.73% and a net margin of 36.64%. The company’s quarterly revenue was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.21 EPS. Research analysts expect that Gogo Inc. will post 0.36 earnings per share for the current fiscal year.

Insider Transactions at Gogo

In other news, Director Charles C. Townsend purchased 28,857 shares of Gogo stock in a transaction that occurred on Thursday, March 14th. The stock was acquired at an average price of $9.03 per share, for a total transaction of $260,578.71. Following the transaction, the director now owns 1,740,588 shares in the company, valued at $15,717,509.64. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Gogo news, Director Charles C. Townsend bought 28,857 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were bought at an average price of $9.03 per share, for a total transaction of $260,578.71. Following the acquisition, the director now directly owns 1,740,588 shares of the company’s stock, valued at $15,717,509.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harris N. Williams purchased 12,000 shares of Gogo stock in a transaction dated Thursday, February 29th. The stock was bought at an average cost of $8.10 per share, with a total value of $97,200.00. Following the completion of the transaction, the director now directly owns 20,990 shares of the company’s stock, valued at $170,019. The disclosure for this purchase can be found here. 26.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Burgundy Asset Management Ltd. acquired a new position in Gogo during the third quarter valued at approximately $23,850,000. Swiss National Bank grew its stake in Gogo by 1.5% in the 3rd quarter. Swiss National Bank now owns 141,300 shares of the technology company’s stock valued at $1,686,000 after buying an additional 2,100 shares during the last quarter. SCP Investment LP raised its holdings in Gogo by 40.3% in the 3rd quarter. SCP Investment LP now owns 905,000 shares of the technology company’s stock worth $10,797,000 after acquiring an additional 260,000 shares during the period. Gamco Investors INC. ET AL lifted its position in Gogo by 32.9% during the 3rd quarter. Gamco Investors INC. ET AL now owns 361,400 shares of the technology company’s stock worth $4,312,000 after acquiring an additional 89,500 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in Gogo by 13.7% during the third quarter. New York State Common Retirement Fund now owns 481,230 shares of the technology company’s stock valued at $5,741,000 after acquiring an additional 58,088 shares during the period. Institutional investors own 69.60% of the company’s stock.

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.