Gogo (NASDAQ:GOGO) Shares Gap Up to $9.41

Gogo Inc. (NASDAQ:GOGO)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $9.41, but opened at $10.05. Gogo shares last traded at $10.23, with a volume of 461,507 shares.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on GOGO shares. JPMorgan Chase & Co. initiated coverage on Gogo in a research report on Thursday, February 29th. They set a “neutral” rating and a $11.00 price target for the company. Morgan Stanley reduced their target price on Gogo from $15.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Gogo presently has a consensus rating of “Hold” and an average price target of $15.30.

Gogo Trading Up 4.4 %

The firm’s 50-day simple moving average is $8.73 and its 200-day simple moving average is $9.41. The firm has a market capitalization of $1.31 billion, a PE ratio of 8.72 and a beta of 1.04. The company has a quick ratio of 3.49, a current ratio of 4.37 and a debt-to-equity ratio of 14.43.

Gogo (NASDAQ:GOGO) last issued its earnings results on Wednesday, February 28th. The technology company reported $0.11 earnings per share for the quarter, meeting the consensus estimate 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 analysts’ expectations of $96.56 million. During the same period in the prior year, the business posted $0.21 EPS. Gogo’s quarterly revenue was down 9.6% compared to the same quarter last year. Equities analysts expect that Gogo Inc. will post 0.36 earnings per share for the current year.

Insider Buying and Selling at Gogo

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

Institutional Investors Weigh In On Gogo

Several hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Gogo by 52.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,344 shares of the technology company’s stock valued at $123,000 after buying an additional 3,574 shares in the last quarter. Ballentine Partners LLC bought a new position in shares of Gogo during the fourth quarter valued at approximately $140,000. Teza Capital Management LLC purchased a new position in shares of Gogo during the third quarter valued at approximately $158,000. SG Americas Securities LLC purchased a new stake in shares of Gogo in the 3rd quarter worth approximately $177,000. Finally, State Board of Administration of Florida Retirement System increased its position in Gogo by 12.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock valued at $187,000 after buying an additional 2,390 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors.

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.