Gogo (NASDAQ:GOGO) Trading Up 8.6% – Here’s What Happened

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on GOGO shares. Roth Mkm decreased their price target on 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 lowered shares of Gogo from a “hold” rating to a “sell” rating in a research report on Monday, March 17th.

Gogo Price Performance

The stock has a 50 day moving average of $7.75 and a 200-day moving average of $7.55. 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 company has a market cap of $1.08 billion, a PE ratio of 19.12 and a beta of 1.01.

Gogo (NASDAQ:GOGO) last announced 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. Gogo had a return on equity of 121.96% and a net margin of 13.94%. The firm had revenue of $137.80 million during the quarter, compared to analysts’ expectations of $97.80 million. During the same period last year, the business posted $0.11 earnings per share. The company’s revenue for the quarter was up 40.9% compared to the same quarter last year. Equities analysts predict that Gogo Inc. will post 0.41 earnings per share for the current year.

Insider Buying and Selling at Gogo

In other Gogo news, Director Oakleigh Thorne acquired 30,173 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were purchased at an average price of $6.57 per share, for a total transaction of $198,236.61. Following the completion of the purchase, the director now directly owns 711,341 shares of the company’s stock, valued at $4,673,510.37. The trade was a 4.43 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Gogo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC acquired a new position in shares of Gogo in the 4th quarter valued at about $43,000. State of Wyoming purchased a new position in Gogo during the fourth quarter valued at approximately $57,000. Teza Capital Management LLC acquired a new position in Gogo in the fourth quarter valued at approximately $110,000. Hsbc Holdings PLC purchased a new stake in Gogo in the 4th quarter worth approximately $116,000. Finally, Diametric Capital LP acquired a new stake in shares of Gogo during the 4th quarter worth approximately $121,000. 69.60% of the stock is owned by institutional investors and hedge funds.

About Gogo

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.