Gogo Inc. (NASDAQ:GOGO) was the target of a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 22,737,373 shares, an increase of 18.5% from the September 15th total of 19,192,947 shares. Currently, 40.1% of the shares of the company are short sold. Based on an average trading volume of 1,572,629 shares, the short-interest ratio is currently 14.5 days.
In other Gogo news, Director Robert H. Mundheim purchased 8,500 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The shares were acquired at an average price of $11.53 per share, for a total transaction of $98,005.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael Small purchased 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 8th. The stock was acquired at an average price of $10.37 per share, for a total transaction of $518,500.00. Following the purchase, the insider now owns 244,832 shares in the company, valued at approximately $2,538,907.84. The disclosure for this purchase can be found here. 37.70% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of GOGO. Fox Run Management L.L.C. acquired a new stake in shares of Gogo during the third quarter worth approximately $209,000. Harbour Capital Advisors LLC acquired a new stake in shares of Gogo during the second quarter worth approximately $2,888,000. Schwab Charles Investment Management Inc. raised its stake in shares of Gogo by 1.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 188,889 shares of the company’s stock worth $1,585,000 after buying an additional 3,108 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Gogo by 38.0% in the second quarter. Point72 Asset Management L.P. now owns 38,100 shares of the company’s stock worth $320,000 after buying an additional 10,500 shares during the period. Finally, Blackstone Group L.P. acquired a new stake in shares of Gogo during the second quarter worth approximately $420,000. Institutional investors and hedge funds own 74.33% of the company’s stock.
GOGO has been the topic of a number of research analyst reports. Standpoint Research began coverage on Gogo in a research note on Thursday, June 23rd. They issued a “buy” rating and a $14.00 price target on the stock. Zacks Investment Research lowered Gogo from a “hold” rating to a “sell” rating in a report on Tuesday, July 12th. Morgan Stanley decreased their price objective on Gogo from $11.00 to $8.00 and set an “underweight” rating on the stock in a report on Thursday, July 28th. JPMorgan Chase & Co. decreased their price objective on Gogo from $18.00 to $17.00 and set an “overweight” rating on the stock in a report on Friday, August 5th. Finally, William Blair reaffirmed an “outperform” rating on shares of Gogo in a report on Friday, September 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $13.60.
Shares of Gogo (NASDAQ:GOGO) opened at 10.75 on Friday. The firm’s market capitalization is $926.39 million. Gogo has a 12-month low of $7.80 and a 12-month high of $19.61. The stock’s 50 day moving average price is $11.77 and its 200 day moving average price is $10.35.
Gogo (NASDAQ:GOGO) last announced its earnings results on Thursday, August 4th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.40) by $0.11. The company had revenue of $147.50 million for the quarter, compared to analysts’ expectations of $141.46 million. Gogo had a negative net margin of 22.95% and a negative return on equity of 204.51%. The firm’s quarterly revenue was up 21.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.32) EPS. Equities research analysts expect that Gogo will post ($1.55) earnings per share for the current year.
Gogo Company Profile
Gogo Inc is a holding company. The Company is a provider of in-flight connectivity and wireless entertainment solutions for the aviation industry across the world. The Company operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW) and Business Aviation (BA).
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