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

Gogo Inc. (NASDAQ:GOGO) saw an uptick in trading volume on Wednesday after an insider bought additional shares in the company. 995,324 shares traded hands during mid-day 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 Gogo stock in a transaction dated Monday, March 17th. The stock was acquired at an average cost of $6.57 per share, with a total value of $198,236.61. Following the completion of the acquisition, the director now owns 711,341 shares of the company’s stock, valued at approximately $4,673,510.37. This represents a 4.43 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. StockNews.com cut shares of Gogo from a “hold” rating to a “sell” rating in a report on Monday. Roth Mkm cut their price target on shares of Gogo from $15.50 to $13.00 and set a “buy” rating for the company in a report on Monday.

Gogo Stock Up 0.3 %

The firm’s 50-day moving average price is $7.75 and its 200 day moving average price is $7.56. The firm has a market capitalization of $971.01 million, a price-to-earnings ratio of 17.95 and a beta of 1.01. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81.

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

Institutional Trading of Gogo

A number of hedge funds have recently bought and sold shares of the company. PharVision Advisers LLC acquired a new stake in Gogo during the fourth quarter worth approximately $746,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Gogo by 14.2% in 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 during the last quarter. Voloridge Investment Management LLC boosted its holdings in shares of Gogo by 76.1% in 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 during the last quarter. Squarepoint Ops LLC boosted its holdings in shares of Gogo by 222.0% in 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 during the last quarter. Finally, Two Sigma Investments LP boosted its holdings in shares of Gogo by 50.1% in 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 during the last quarter. Institutional investors and hedge funds 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.