Gogo Inc. (NASDAQ:GOGO) Short Interest Up 9.5% in September

Gogo Inc. (NASDAQ:GOGO) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totalling 12,460,000 shares, an increase of 9.5% from the September 15th total of 11,380,000 shares. Based on an average daily trading volume, of 1,020,000 shares, the days-to-cover ratio is currently 12.2 days. Currently, 20.0% of the shares of the stock are sold short.

Analysts Set New Price Targets

GOGO has been the topic of several recent research reports. Roth Mkm reiterated a “buy” rating and issued a $15.50 price objective on shares of Gogo in a research report on Tuesday, September 17th. Morgan Stanley reduced their price target on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th.

Gogo Price Performance

Shares of NASDAQ:GOGO traded up $0.19 on Wednesday, hitting $7.32. The company had a trading volume of 890,575 shares, compared to its average volume of 934,931. The company has a current ratio of 3.95, a quick ratio of 3.16 and a debt-to-equity ratio of 11.25. The company has a market cap of $930.41 million, a PE ratio of 6.09 and a beta of 1.09. Gogo has a 52-week low of $6.17 and a 52-week high of $12.01. The business has a 50 day moving average of $7.26 and a 200 day moving average of $8.65.

Gogo (NASDAQ:GOGO) last announced its earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.06). Gogo had a net margin of 16.59% and a return on equity of 145.01%. The firm had revenue of $102.10 million during the quarter, compared to analyst estimates of $99.02 million. During the same period in the previous year, the firm posted $0.20 EPS. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, equities analysts anticipate that Gogo will post 0.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gogo

Several institutional investors and hedge funds have recently modified their holdings of GOGO. Tealwood Asset Management Inc. raised its holdings in Gogo by 95.6% in the 1st quarter. Tealwood Asset Management Inc. now owns 122,246 shares of the technology company’s stock valued at $1,073,000 after acquiring an additional 59,750 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Gogo by 51.8% during the first quarter. BNP Paribas Financial Markets now owns 33,221 shares of the technology company’s stock worth $292,000 after buying an additional 11,333 shares during the period. Capstone Investment Advisors LLC purchased a new position in Gogo during the first quarter worth about $736,000. LB Partners LLC boosted its stake in Gogo by 31.0% in the 1st quarter. LB Partners LLC now owns 1,895,606 shares of the technology company’s stock worth $16,643,000 after buying an additional 448,918 shares during the last quarter. Finally, GSA Capital Partners LLP grew its holdings in Gogo by 102.0% in the 1st quarter. GSA Capital Partners LLP now owns 120,910 shares of the technology company’s stock valued at $1,062,000 after buying an additional 61,060 shares during the period. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Gogo Company Profile

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.