Gogo Inc. (GOGO) Short Interest Up 15.7% in August
Gogo Inc. (NASDAQ:GOGO) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 21,973,474 shares, a growth of 15.7% from the August 15th total of 18,994,680 shares. Based on an average daily volume of 910,387 shares, the days-to-cover ratio is currently 24.1 days. Approximately 38.7% of the company’s shares are sold short.
In other news, Director Oakleigh Thorne acquired 31,971 shares of the company’s stock in a transaction that occurred on Friday, August 12th. The stock was purchased at an average price of $11.24 per share, with a total value of $359,354.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert H. Mundheim acquired 8,500 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The stock was purchased at an average cost of $11.53 per share, with a total value of $98,005.00. The disclosure for this purchase can be found here. 37.70% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc increased its position in Gogo by 19.2% in the first quarter. Legal & General Group Plc now owns 9,701 shares of the company’s stock valued at $106,000 after buying an additional 1,565 shares during the period. Summit Securities Group LLC purchased a new position in Gogo during the second quarter valued at about $143,000. Lazard Asset Management LLC purchased a new position in Gogo during the first quarter valued at about $155,000. BlackRock Advisors LLC increased its position in Gogo by 5.4% in the second quarter. BlackRock Advisors LLC now owns 26,259 shares of the company’s stock valued at $220,000 after buying an additional 1,340 shares during the period. Finally, Quantbot Technologies LP increased its position in Gogo by 29.3% in the second quarter. Quantbot Technologies LP now owns 27,845 shares of the company’s stock valued at $233,000 after buying an additional 6,307 shares during the period. 74.33% of the stock is owned by institutional investors and hedge funds.
Gogo (NASDAQ:GOGO) opened at 11.97 on Wednesday. The stock’s market cap is $1.03 billion. The firm’s 50-day moving average is $11.54 and its 200 day moving average is $10.31. Gogo has a 52 week low of $7.80 and a 52 week high of $19.61.
Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by $0.11. The firm had revenue of $147.50 million for the quarter, compared to analyst estimates of $141.46 million. Gogo had a negative return on equity of 204.51% and a negative net margin of 22.95%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.32) EPS. On average, equities research analysts expect that Gogo will post ($1.55) EPS for the current year.
A number of equities research analysts recently issued reports on the stock. Zacks Investment Research raised shares of Gogo from a “sell” rating to a “hold” rating in a report on Wednesday, September 14th. Standpoint Research raised shares of Gogo from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Wednesday, August 31st. JPMorgan Chase & Co. lowered their target price on shares of Gogo from $18.00 to $17.00 and set an “overweight” rating for the company in a research note on Friday, August 5th. Morgan Stanley lowered their target price on shares of Gogo from $11.00 to $8.00 and set an “underweight” rating for the company in a research note on Thursday, July 28th. Finally, Dougherty & Co lowered their target price on shares of Gogo from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Gogo has a consensus rating of “Hold” and a consensus price target of $13.60.
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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