Short Interest in Gogo Inc. (NASDAQ:GOGO) Expands By 9.5%

Gogo Inc. (NASDAQ:GOGO) was the target of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 12,460,000 shares, an increase of 9.5% from the September 15th total of 11,380,000 shares. Based on an average trading volume of 1,020,000 shares, the short-interest ratio is presently 12.2 days. Approximately 20.0% of the shares of the company are sold short.

Gogo Stock Performance

Shares of NASDAQ GOGO traded up $0.19 during mid-day trading on Wednesday, hitting $7.32. 890,575 shares of the company were exchanged, compared to its average volume of 934,931. The stock has a 50 day simple moving average of $7.26 and a 200-day simple moving average of $8.65. Gogo has a 1-year low of $6.17 and a 1-year high of $12.01. The company has a quick ratio of 3.16, a current ratio of 3.95 and a debt-to-equity ratio of 11.25. The firm has a market cap of $930.41 million, a price-to-earnings ratio of 6.09 and a beta of 1.09.

Gogo (NASDAQ:GOGO) last released its earnings results on Wednesday, August 7th. The technology company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.06). Gogo had a return on equity of 145.01% and a net margin of 16.59%. The firm had revenue of $102.10 million during the quarter, compared to analyst estimates of $99.02 million. During the same quarter last year, the business posted $0.20 EPS. The firm’s revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts forecast that Gogo will post 0.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Gogo

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Gogo by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 5,748,287 shares of the technology company’s stock valued at $50,470,000 after buying an additional 44,340 shares during the period. Burgundy Asset Management Ltd. lifted its holdings in Gogo by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 3,108,226 shares of the technology company’s stock valued at $29,901,000 after acquiring an additional 43,805 shares during the period. Capco Asset Management LLC lifted its holdings in Gogo by 1.7% in the second quarter. Capco Asset Management LLC now owns 2,479,974 shares of the technology company’s stock valued at $23,857,000 after acquiring an additional 41,866 shares during the period. William Blair Investment Management LLC boosted its position in shares of Gogo by 7.9% during the 2nd quarter. William Blair Investment Management LLC now owns 2,073,693 shares of the technology company’s stock worth $19,949,000 after purchasing an additional 152,338 shares in the last quarter. Finally, LB Partners LLC grew its stake in shares of Gogo by 31.0% during 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. Institutional investors and hedge funds own 69.60% of the company’s stock.

Wall Street Analyst Weigh In

GOGO has been the subject of several research reports. JPMorgan Chase & Co. reduced their price target on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Morgan Stanley reduced their target price on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, September 3rd. Finally, Roth Mkm reissued a “buy” rating and set a $15.50 price target on shares of Gogo in a report on Tuesday, September 17th.

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.