Gogo (NASDAQ:GOGO) Shares Up 10% – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO)’s stock price was up 10% on Thursday . The company traded as high as $8.29 and last traded at $8.42. Approximately 584,411 shares were traded during trading, a decline of 39% from the average daily volume of 961,214 shares. The stock had previously closed at $7.65.

Gogo Stock Performance

The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 19.49 and a beta of 1.13. The stock has a fifty day simple moving average of $7.95 and a two-hundred day simple moving average of $7.64. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58.

Hedge Funds Weigh In On Gogo

Institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC boosted its stake in Gogo by 138.4% in the 4th 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 during the period. Nantahala Capital Management LLC boosted its position in shares of Gogo by 441.5% in the fourth quarter. Nantahala Capital Management LLC now owns 2,574,642 shares of the technology company’s stock valued at $20,829,000 after acquiring an additional 2,099,145 shares during the period. Capco Asset Management LLC increased its holdings in Gogo by 22.1% during the 4th quarter. Capco Asset Management LLC now owns 3,009,743 shares of the technology company’s stock worth $24,349,000 after acquiring an additional 544,178 shares during the period. SCP Investment LP boosted its holdings in Gogo by 51.0% in the 4th quarter. SCP Investment LP now owns 1,450,000 shares of the technology company’s stock valued at $11,730,000 after purchasing an additional 490,000 shares during the period. Finally, Weiss Asset Management LP bought a new stake in Gogo during the third quarter valued at $3,031,000. 69.60% of the stock is 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.