Gogo (NASDAQ:GOGO) Shares Up 9.6% – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO)’s share price shot up 9.6% on Monday . The company traded as high as $7.33 and last traded at $7.19. 832,812 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 924,484 shares. The stock had previously closed at $6.56.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GOGO. Roth Mkm restated a “buy” rating and set a $15.50 target price on shares of Gogo in a research note on Tuesday, September 17th. Morgan Stanley lowered their target price on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. cut their price objective on Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th.

Gogo Stock Up 2.7 %

The firm’s 50-day moving average is $7.26 and its 200 day moving average is $8.65. The firm has a market capitalization of $930.41 million, a P/E ratio of 6.09 and a beta of 1.09. The company has a debt-to-equity ratio of 11.25, a quick ratio of 3.16 and a current ratio of 3.95.

Gogo (NASDAQ:GOGO) last announced its earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Gogo had a net margin of 16.59% and a return on equity of 145.01%. The business had revenue of $102.10 million during the quarter, compared to the consensus estimate of $99.02 million. During the same period in the previous year, the firm posted $0.20 EPS. The company’s revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts predict that Gogo Inc. will post 0.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Gogo

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tealwood Asset Management Inc. boosted its stake in Gogo by 95.6% in the first quarter. Tealwood Asset Management Inc. now owns 122,246 shares of the technology company’s stock valued at $1,073,000 after acquiring an additional 59,750 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Gogo by 51.8% in the 1st quarter. BNP Paribas Financial Markets now owns 33,221 shares of the technology company’s stock worth $292,000 after purchasing an additional 11,333 shares in the last quarter. Capstone Investment Advisors LLC bought a new position in shares of Gogo in the 1st quarter worth $736,000. LB Partners LLC raised its position in Gogo by 31.0% in the 1st quarter. LB Partners LLC now owns 1,895,606 shares of the technology company’s stock worth $16,643,000 after purchasing an additional 448,918 shares during the period. Finally, GSA Capital Partners LLP increased its position in shares of Gogo by 102.0% in the first quarter. GSA Capital Partners LLP now owns 120,910 shares of the technology company’s stock valued at $1,062,000 after acquiring an additional 61,060 shares during the period. Institutional investors own 69.60% of the company’s stock.

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.