Gogo (NASDAQ:GOGO) Shares Gap Up Following Better-Than-Expected Earnings

Gogo Inc. (NASDAQ:GOGO)’s share price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $6.87, but opened at $7.58. Gogo shares last traded at $6.70, with a volume of 1,084,536 shares.

The technology company reported $0.07 EPS for the quarter, beating 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 firm had revenue of $137.80 million for the quarter, compared to analyst estimates of $97.80 million. During the same quarter in the previous year, the company posted $0.11 EPS. The business’s revenue was up 40.9% on a year-over-year basis.

Institutional Investors Weigh In On Gogo

Institutional investors have recently made changes to their positions in the stock. PharVision Advisers LLC bought a new stake in shares of Gogo during the 4th quarter valued at about $746,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Gogo by 14.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 237,941 shares of the technology company’s stock valued at $1,925,000 after purchasing an additional 29,585 shares in the last quarter. Voloridge Investment Management LLC boosted its position in shares of Gogo by 76.1% during the 4th quarter. Voloridge Investment Management LLC now owns 581,706 shares of the technology company’s stock valued at $4,706,000 after purchasing an additional 251,348 shares in the last quarter. Squarepoint Ops LLC boosted its position in shares of Gogo by 222.0% during the 4th quarter. Squarepoint Ops LLC now owns 30,506 shares of the technology company’s stock valued at $247,000 after purchasing an additional 55,506 shares in the last quarter. Finally, Two Sigma Investments LP boosted its position in shares of Gogo by 50.1% during the 4th quarter. Two Sigma Investments LP now owns 101,778 shares of the technology company’s stock valued at $823,000 after purchasing an additional 33,960 shares in the last quarter. Institutional investors own 69.60% of the company’s stock.

Gogo Trading Down 0.1 %

The company has a current ratio of 3.58, a quick ratio of 2.81 and a debt-to-equity ratio of 11.07. The firm has a 50-day moving average of $7.77 and a 200 day moving average of $7.57. The company has a market cap of $862.84 million, a P/E ratio of 15.95 and a beta of 1.01.

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.