Insider Buying: Gogo (NASDAQ:GOGO) Director Buys 158,591 Shares of Stock

Gogo Inc. (NASDAQ:GOGO) Director Charles Townsend bought 158,591 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average cost of $4.57 per share, with a total value of $724,760.87. Following the completion of the transaction, the director owned 418,686 shares in the company, valued at $1,913,395.02. The trade was a 60.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Gogo Trading Down 4.0%

GOGO traded down $0.18 during midday trading on Friday, hitting $4.31. 2,698,275 shares of the company were exchanged, compared to its average volume of 2,073,282. The firm’s 50 day moving average price is $4.60 and its 200-day moving average price is $6.79. Gogo Inc. has a 1-year low of $3.85 and a 1-year high of $16.82. The firm has a market capitalization of $580.47 million, a P/E ratio of 43.10 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.60 and a debt-to-equity ratio of 8.24.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Friday, February 27th. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.09). Gogo had a net margin of 1.42% and a return on equity of 55.95%. The company had revenue of $230.56 million during the quarter, compared to analyst estimates of $222.65 million. During the same period in the previous year, the company posted ($0.22) EPS. The company’s quarterly revenue was up 67.3% on a year-over-year basis. As a group, equities analysts forecast that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GOGO has been the subject of several analyst reports. Morgan Stanley set a $8.00 price target on shares of Gogo in a report on Friday, January 16th. Weiss Ratings reiterated a “sell (d)” rating on shares of Gogo in a research report on Monday, December 29th. Finally, William Blair downgraded shares of Gogo from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 9th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Gogo presently has an average rating of “Hold” and an average target price of $12.25.

Institutional Investors Weigh In On Gogo

Large investors have recently added to or reduced their stakes in the business. Nantahala Capital Management LLC acquired a new position in Gogo in the fourth quarter valued at approximately $31,654,000. Vanguard Group Inc. grew its position in shares of Gogo by 6.3% during the 3rd quarter. Vanguard Group Inc. now owns 6,651,058 shares of the technology company’s stock worth $57,133,000 after buying an additional 396,236 shares during the period. William Blair Investment Management LLC increased its stake in shares of Gogo by 6.9% in the 3rd quarter. William Blair Investment Management LLC now owns 6,067,663 shares of the technology company’s stock valued at $52,121,000 after acquiring an additional 393,830 shares in the last quarter. LB Partners LLC lifted its position in shares of Gogo by 30.0% during the 3rd quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock valued at $27,737,000 after acquiring an additional 745,000 shares during the period. Finally, State Street Corp lifted its position in shares of Gogo by 7.0% during the 4th quarter. State Street Corp now owns 3,136,833 shares of the technology company’s stock valued at $14,618,000 after acquiring an additional 204,296 shares during the period. Institutional investors and hedge funds own 69.60% of the company’s stock.

About Gogo

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.