Gogo (NASDAQ:GOGO) Trading 3.6% Higher

Gogo Inc. (NASDAQ:GOGO)’s stock price traded up 3.6% during trading on Wednesday . The stock traded as high as $8.42 and last traded at $8.41. 100,372 shares were traded during trading, a decline of 89% from the average session volume of 935,527 shares. The stock had previously closed at $8.12.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. initiated coverage on Gogo in a report on Thursday, February 29th. They set a “neutral” rating and a $11.00 target price on the stock. Morgan Stanley dropped their price objective on Gogo from $15.00 to $12.00 and set an “equal weight” rating on the stock in a report on Tuesday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.30.

Gogo Stock Up 1.6 %

The company has a current ratio of 4.37, a quick ratio of 3.49 and a debt-to-equity ratio of 14.43. The stock has a 50-day simple moving average of $8.77 and a 200-day simple moving average of $9.67. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 7.68 and a beta of 1.08.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.11 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.11. Gogo had a negative return on equity of 7,172.73% and a net margin of 36.64%. The company had revenue of $97.81 million during the quarter, compared to analyst estimates of $96.56 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The firm’s quarterly revenue was down 9.6% on a year-over-year basis. As a group, analysts predict that Gogo Inc. will post 0.36 EPS for the current year.

Insider Transactions at Gogo

In other news, Director Charles C. Townsend acquired 28,857 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were bought at an average price of $9.03 per share, with a total value of $260,578.71. Following the purchase, the director now owns 1,740,588 shares of the company’s stock, valued at $15,717,509.64. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Harris N. Williams bought 12,000 shares of the stock in a transaction on Thursday, February 29th. The shares were purchased at an average price of $8.10 per share, for a total transaction of $97,200.00. Following the completion of the purchase, the director now directly owns 20,990 shares of the company’s stock, valued at approximately $170,019. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Charles C. Townsend bought 28,857 shares of the stock in a transaction on Thursday, March 14th. The stock was purchased at an average price of $9.03 per share, for a total transaction of $260,578.71. Following the purchase, the director now directly owns 1,740,588 shares of the company’s stock, valued at $15,717,509.64. The disclosure for this purchase can be found here. Company insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Belpointe Asset Management LLC bought a new stake in shares of Gogo during the 1st quarter worth about $29,000. Great West Life Assurance Co. Can boosted its stake in shares of Gogo by 41.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 2,178 shares of the technology company’s stock worth $44,000 after acquiring an additional 633 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Gogo by 432.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,609 shares of the technology company’s stock worth $39,000 after acquiring an additional 2,119 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Gogo by 76.6% during the 3rd quarter. Royal Bank of Canada now owns 3,069 shares of the technology company’s stock worth $37,000 after acquiring an additional 1,331 shares in the last quarter. Finally, UBS Group AG boosted its stake in Gogo by 41.7% during the 3rd quarter. UBS Group AG now owns 4,033 shares of the technology company’s stock valued at $49,000 after purchasing an additional 1,186 shares during the period. Hedge funds and other institutional investors own 69.60% of the company’s stock.

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.