Gogo (NASDAQ:GOGO) Trading 7.6% Higher – What’s Next?

Gogo Inc. (NASDAQ:GOGO)’s share price shot up 7.6% during mid-day trading on Thursday . The stock traded as high as $5.03 and last traded at $5.0550. 443,245 shares traded hands during trading, a decline of 80% from the average session volume of 2,263,218 shares. The stock had previously closed at $4.70.

Analyst Ratings Changes

Several research firms recently weighed in on GOGO. William Blair cut shares of Gogo from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 9th. Weiss Ratings restated a “sell (d)” rating on shares of Gogo in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $14.83.

Gogo Trading Up 3.1%

The stock has a market cap of $701.37 million, a P/E ratio of -104.80 and a beta of 0.96. The company has a debt-to-equity ratio of 7.79, a quick ratio of 1.40 and a current ratio of 1.74. The stock’s fifty day moving average is $6.12 and its 200 day moving average is $9.90.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.12). The company had revenue of $223.59 million for the quarter, compared to analysts’ expectations of $222.23 million. Gogo had a negative net margin of 0.65% and a positive return on equity of 71.74%. The company’s revenue for the quarter was up 122.4% on a year-over-year basis. During the same quarter last year, the company earned $0.08 earnings per share. As a group, equities research analysts predict that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Oakleigh Thorne acquired 170,000 shares of the company’s stock in a transaction on Friday, December 12th. The stock was bought at an average cost of $5.34 per share, with a total value of $907,800.00. Following the completion of the purchase, the insider directly owned 954,098 shares of the company’s stock, valued at $5,094,883.32. This represents a 21.68% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 25.78% of the stock is owned by insiders.

Hedge Funds Weigh In On Gogo

A number of large investors have recently made changes to their positions in GOGO. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in Gogo by 8.1% in the 2nd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 13,877 shares of the technology company’s stock worth $204,000 after acquiring an additional 1,034 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Gogo by 8.6% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,357 shares of the technology company’s stock valued at $225,000 after purchasing an additional 1,210 shares during the period. Police & Firemen s Retirement System of New Jersey raised its stake in shares of Gogo by 9.8% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 15,063 shares of the technology company’s stock worth $221,000 after purchasing an additional 1,340 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Gogo by 6.6% in the second quarter. The Manufacturers Life Insurance Company now owns 25,934 shares of the technology company’s stock worth $381,000 after purchasing an additional 1,597 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Gogo by 5.1% during the third quarter. State of Alaska Department of Revenue now owns 37,555 shares of the technology company’s stock worth $322,000 after purchasing an additional 1,815 shares during the period. 69.60% of the stock is owned by hedge funds and other institutional investors.

Gogo Company Profile

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.