Renaissance Technologies LLC Increases Stock Position in Gogo Inc. $GOGO

Renaissance Technologies LLC lifted its holdings in shares of Gogo Inc. (NASDAQ:GOGO) by 31.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 966,674 shares of the technology company’s stock after purchasing an additional 230,800 shares during the period. Renaissance Technologies LLC owned about 0.71% of Gogo worth $3,886,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. The Manufacturers Life Insurance Company lifted its position in Gogo by 6.6% during the second quarter. The Manufacturers Life Insurance Company now owns 25,934 shares of the technology company’s stock valued at $381,000 after buying an additional 1,597 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Gogo by 6.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,205 shares of the technology company’s stock worth $338,000 after acquiring an additional 2,342 shares in the last quarter. Quarry LP increased its position in shares of Gogo by 86.1% in the third quarter. Quarry LP now owns 7,171 shares of the technology company’s stock worth $62,000 after acquiring an additional 3,318 shares in the last quarter. Swiss National Bank increased its position in shares of Gogo by 2.8% in the fourth quarter. Swiss National Bank now owns 145,100 shares of the technology company’s stock worth $676,000 after acquiring an additional 4,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Gogo by 310.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company’s stock valued at $29,000 after acquiring an additional 5,536 shares during the period. 69.60% of the stock is currently owned by institutional investors and hedge funds.

Gogo Stock Performance

Gogo stock opened at $3.63 on Friday. Gogo Inc. has a 12-month low of $3.02 and a 12-month high of $13.13. The company has a market capitalization of $490.92 million, a price-to-earnings ratio of 363.00 and a beta of 1.13. The company has a debt-to-equity ratio of 6.74, a current ratio of 1.73 and a quick ratio of 1.27. The firm’s fifty day moving average price is $3.68 and its 200 day moving average price is $4.16.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Thursday, August 6th. The technology company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The firm had revenue of $222.81 million during the quarter, compared to analysts’ expectations of $229.35 million. Gogo had a negative net margin of 0.09% and a positive return on equity of 22.55%. The business’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.09 earnings per share. On average, research analysts forecast that Gogo Inc. will post 0.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GOGO has been the topic of several recent research reports. Roth Capital restated a “buy” rating on shares of Gogo in a report on Friday. Wall Street Zen lowered Gogo from a “hold” rating to a “sell” rating in a research report on Saturday. Morgan Stanley reduced their price objective on Gogo from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 21st. Finally, Weiss Ratings raised Gogo from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $8.50.

Gogo 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.