Gogo (NASDAQ:GOGO) Sees Strong Trading Volume on Insider Buying Activity

Gogo Inc. (NASDAQ:GOGO) saw strong trading volume on Wednesday following insider buying activity. 995,324 shares were traded during trading, a decline of 7% from the previous session’s volume of 1,071,956 shares.The stock last traded at $7.31 and had previously closed at $6.93.

Specifically, Director Oakleigh Thorne bought 30,173 shares of the stock in a transaction dated Monday, March 17th. The shares were acquired at an average cost of $6.57 per share, for a total transaction of $198,236.61. Following the acquisition, the director now directly owns 711,341 shares in the company, valued at approximately $4,673,510.37. This trade represents a 4.43 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Ratings Changes

GOGO has been the topic of several analyst reports. StockNews.com lowered shares of Gogo from a “hold” rating to a “sell” rating in a research report on Monday. Roth Mkm reduced their price target on shares of Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a research report on Monday.

Gogo Trading Up 0.3 %

The company has a market cap of $971.01 million, a PE ratio of 17.95 and a beta of 1.01. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07. The business has a 50-day simple moving average of $7.75 and a 200-day simple moving average of $7.56.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. Gogo had a return on equity of 121.96% and a net margin of 13.94%. The business had revenue of $137.80 million for the quarter, compared to analyst estimates of $97.80 million. During the same quarter in the prior year, the company earned $0.11 earnings per share. The company’s revenue was up 40.9% on a year-over-year basis. On average, analysts predict that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Institutional Trading of Gogo

A number of large investors have recently modified their holdings of GOGO. FMR LLC grew its stake in shares of Gogo by 138.4% during the fourth quarter. FMR LLC now owns 13,475,009 shares of the technology company’s stock worth $109,013,000 after purchasing an additional 7,821,973 shares in the last quarter. Capco Asset Management LLC grew its stake in shares of Gogo by 22.1% during the fourth quarter. Capco Asset Management LLC now owns 3,009,743 shares of the technology company’s stock worth $24,349,000 after purchasing an additional 544,178 shares in the last quarter. Nantahala Capital Management LLC grew its stake in shares of Gogo by 441.5% during the fourth quarter. Nantahala Capital Management LLC now owns 2,574,642 shares of the technology company’s stock worth $20,829,000 after purchasing an additional 2,099,145 shares in the last quarter. State Street Corp grew its stake in shares of Gogo by 2.1% during the third quarter. State Street Corp now owns 2,461,691 shares of the technology company’s stock worth $17,675,000 after purchasing an additional 51,681 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its stake in Gogo by 15.8% in the fourth quarter. William Blair Investment Management LLC now owns 2,424,378 shares of the technology company’s stock valued at $19,613,000 after acquiring an additional 330,961 shares in the last quarter. 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.