Man Group plc Invests $721,000 in Gogo Inc. $GOGO

Man Group plc purchased a new stake in shares of Gogo Inc. (NASDAQ:GOGO) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 232,475 shares of the technology company’s stock, valued at approximately $721,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank of America Corp DE increased its position in Gogo by 244.1% during the first quarter. Bank of America Corp DE now owns 5,340,615 shares of the technology company’s stock worth $21,469,000 after buying an additional 3,788,659 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Gogo by 199.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 486,820 shares of the technology company’s stock valued at $1,957,000 after buying an additional 324,237 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Gogo in the second quarter worth about $2,193,000. LB Partners LLC lifted its position in shares of Gogo by 436.0% in the first quarter. LB Partners LLC now owns 804,034 shares of the technology company’s stock worth $3,232,000 after buying an additional 654,034 shares during the last quarter. Finally, UBS Group AG boosted its stake in shares of Gogo by 32.5% during the 4th quarter. UBS Group AG now owns 500,807 shares of the technology company’s stock worth $2,334,000 after acquiring an additional 122,706 shares in the last quarter. Institutional investors and hedge funds own 69.60% of the company’s stock.

Gogo Trading Up 4.7%

Shares of NASDAQ:GOGO opened at $2.65 on Friday. The company has a debt-to-equity ratio of 6.74, a quick ratio of 1.21 and a current ratio of 1.73. The stock’s 50-day moving average is $3.34 and its 200-day moving average is $3.93. The company has a market cap of $359.10 million, a P/E ratio of 265.00 and a beta of 1.03. Gogo Inc. has a 52-week low of $2.45 and a 52-week high of $11.11.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Thursday, August 6th. The technology company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). Gogo had a positive return on equity of 22.55% and a negative net margin of 0.09%.The business had revenue of $222.81 million for the quarter, compared to analyst estimates of $229.35 million. During the same period in the prior year, the firm posted $0.09 EPS. Gogo’s revenue for the quarter was down 1.4% on a year-over-year basis. Equities research analysts predict that Gogo Inc. will post 0.14 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Morgan Stanley lowered their price objective on Gogo from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday, May 21st. Zacks Research cut Gogo from a “hold” rating to a “strong sell” rating in a research report on Friday, August 7th. Wall Street Zen downgraded Gogo from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings lowered shares of Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, August 17th. Finally, Roth Capital restated a “buy” rating on shares of Gogo in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $8.50.

Gogo Profile

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.