Short Interest in Gogo Inc. (GOGO) Expands By 12.0%
Gogo Inc. (NASDAQ:GOGO) was the target of a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 29,517,329 shares, an increase of 12.0% from the October 31st total of 26,343,456 shares. Approximately 52.4% of the company’s stock are short sold. Based on an average daily volume of 2,059,949 shares, the short-interest ratio is presently 14.3 days.
In other Gogo news, insider Michael Small acquired 100,000 shares of Gogo stock in a transaction that occurred on Monday, November 6th. The stock was acquired at an average price of $8.79 per share, with a total value of $879,000.00. Following the purchase, the insider now owns 398,224 shares in the company, valued at $3,500,388.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 37.30% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in GOGO. Harbour Capital Advisors LLC lifted its position in Gogo by 667.6% during the 2nd quarter. Harbour Capital Advisors LLC now owns 2,296,811 shares of the technology company’s stock worth $199,203,000 after acquiring an additional 1,997,608 shares during the last quarter. Quantitative Investment Management LLC lifted its position in Gogo by 1,187.5% during the 2nd quarter. Quantitative Investment Management LLC now owns 288,400 shares of the technology company’s stock worth $3,325,000 after acquiring an additional 266,000 shares during the last quarter. Billings Capital Management LLC lifted its position in Gogo by 6.7% during the 3rd quarter. Billings Capital Management LLC now owns 2,947,085 shares of the technology company’s stock worth $34,805,000 after acquiring an additional 184,386 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Gogo during the 2nd quarter worth $1,798,000. Finally, Numeric Investors LLC acquired a new position in Gogo during the 2nd quarter worth $1,444,000. 70.04% of the stock is owned by hedge funds and other institutional investors.
Gogo (NASDAQ:GOGO) opened at $10.68 on Thursday. The company has a quick ratio of 2.02, a current ratio of 2.20 and a debt-to-equity ratio of -6.40. Gogo has a 52-week low of $8.56 and a 52-week high of $14.76.
Gogo (NASDAQ:GOGO) last released its earnings results on Thursday, November 2nd. The technology company reported ($0.57) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.51) by ($0.06). The business had revenue of $172.87 million for the quarter, compared to analysts’ expectations of $172.92 million. Gogo’s revenue was up 17.4% on a year-over-year basis. During the same period last year, the company posted ($0.42) earnings per share. equities analysts forecast that Gogo will post -2.11 earnings per share for the current fiscal year.
GOGO has been the subject of several analyst reports. Zacks Investment Research raised shares of Gogo from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 24th. ValuEngine lowered shares of Gogo from a “hold” rating to a “sell” rating in a research note on Thursday, November 2nd. Northland Securities initiated coverage on shares of Gogo in a research note on Tuesday, September 19th. They issued an “under perform” rating and a $6.75 price objective for the company. Guggenheim reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Gogo in a research note on Monday, October 9th. Finally, BidaskClub raised shares of Gogo from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Gogo presently has a consensus rating of “Buy” and a consensus target price of $14.35.
Gogo Inc is a holding company. The Company is a provider of in-flight broadband connectivity and connectivity-enabled services to commercial and business aviation. The Company operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW) and Business Aviation (BA).
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