Gogo Inc. (NASDAQ:GOGO – Get Free Report) shares rose 6.9% during mid-day trading on Wednesday . The stock traded as high as $9.48 and last traded at $9.45. Approximately 853,496 shares changed hands during trading, a decline of 8% from the average daily volume of 927,285 shares. The stock had previously closed at $8.84.
Analysts Set New Price Targets
GOGO has been the topic of several recent analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Gogo in a research note on Thursday, February 29th. They set a “neutral” rating and a $11.00 price objective on the stock. Roth Mkm cut their price target on shares of Gogo from $18.75 to $17.50 and set a “buy” rating on the stock in a research note on Tuesday, December 12th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.13.
Gogo Stock Performance
The stock’s fifty day moving average is $9.09 and its two-hundred day moving average is $10.28. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of 8.42 and a beta of 1.07. 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 – Get Free Report) last released its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.11. The business had revenue of $97.81 million during the quarter, compared to analyst estimates of $96.56 million. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. The business’s revenue was down 9.6% on a year-over-year basis. During the same period last year, the business earned $0.21 EPS. Analysts forecast that Gogo Inc. will post 0.38 earnings per share for the current year.
Insider Activity at Gogo
In other news, Director Harris N. Williams purchased 12,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average cost of $8.10 per share, with a total value of $97,200.00. Following the acquisition, the director now owns 20,990 shares in the company, valued at $170,019. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 26.00% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its holdings in Gogo by 8.1% during the 2nd quarter. BlackRock Inc. now owns 10,250,993 shares of the technology company’s stock worth $174,369,000 after acquiring an additional 765,720 shares in the last quarter. Tenzing Global Management LLC lifted its position in shares of Gogo by 13.6% in the 3rd quarter. Tenzing Global Management LLC now owns 2,500,000 shares of the technology company’s stock worth $29,825,000 after buying an additional 300,000 shares during the last quarter. Burgundy Asset Management Ltd. lifted its position in shares of Gogo by 20.0% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,399,618 shares of the technology company’s stock worth $24,308,000 after buying an additional 400,487 shares during the last quarter. State Street Corp lifted its position in shares of Gogo by 5.3% in the 2nd quarter. State Street Corp now owns 2,301,993 shares of the technology company’s stock worth $39,157,000 after buying an additional 115,033 shares during the last quarter. Finally, Sycale Advisors NY LLC lifted its position in shares of Gogo by 97.5% in the 3rd quarter. Sycale Advisors NY LLC now owns 1,859,328 shares of the technology company’s stock worth $22,182,000 after buying an additional 917,882 shares during the last quarter. 66.88% of the stock is owned by institutional investors and hedge funds.
About Gogo
Gogo Inc, through its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company operates through Commercial Aviation-North America, Commercial Aviation-Rest of World, and Business Aviation segments. Its platform include networks, antennas, and airborne equipment and software.