Shares of Gogo Inc. (NASDAQ:GOGO – Get Free Report) rose 14.1% on Thursday following a better than expected earnings announcement. The company traded as high as $4.77 and last traded at $4.9050. Approximately 1,022,093 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 1,906,687 shares. The stock had previously closed at $4.30.
The technology company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $226.32 million during the quarter, compared to analyst estimates of $234.99 million. Gogo had a return on equity of 55.95% and a net margin of 1.42%.Gogo’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.09 earnings per share.
Analysts Set New Price Targets
GOGO has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d)” rating on shares of Gogo in a report on Friday, March 27th. Morgan Stanley set a $8.00 price target on Gogo in a research report on Friday, January 16th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $12.25.
Insider Activity
In other Gogo news, Director Charles C. Townsend purchased 158,591 shares of Gogo stock in a transaction dated Thursday, March 12th. The shares were acquired 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 approximately $1,913,395.02. This trade represents a 60.97% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 25.78% of the company’s stock.
Hedge Funds Weigh In On Gogo
Several hedge funds have recently made changes to their positions in GOGO. The Manufacturers Life Insurance Company boosted its stake in shares of Gogo by 6.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,934 shares of the technology company’s stock worth $381,000 after acquiring an additional 1,597 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Gogo by 5.1% during the 3rd quarter. State of Alaska Department of Revenue now owns 37,555 shares of the technology company’s stock worth $322,000 after acquiring an additional 1,815 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Gogo by 6.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,205 shares of the technology company’s stock worth $338,000 after acquiring an additional 2,342 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Gogo by 12.3% during the 3rd quarter. Arizona State Retirement System now owns 21,489 shares of the technology company’s stock worth $185,000 after acquiring an additional 2,357 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in Gogo by 22.6% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 16,822 shares of the technology company’s stock valued at $145,000 after buying an additional 3,100 shares in the last quarter. 69.60% of the stock is owned by institutional investors and hedge funds.
Gogo Price Performance
The stock has a market capitalization of $631.57 million, a PE ratio of 46.70 and a beta of 1.06. The stock’s 50 day moving average is $4.46 and its two-hundred day moving average is $5.42. The company has a debt-to-equity ratio of 8.24, a quick ratio of 1.24 and a current ratio of 1.60.
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.
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