Gogo Inc. (NASDAQ:GOGO) Shares Sold by SCP Investment LP

SCP Investment LP lessened its position in Gogo Inc. (NASDAQ:GOGO) by 30.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 625,000 shares of the technology company’s stock after selling 280,000 shares during the period. Gogo makes up about 5.9% of SCP Investment LP’s holdings, making the stock its 3rd largest position. SCP Investment LP owned 0.49% of Gogo worth $6,331,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Gogo by 52.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,344 shares of the technology company’s stock valued at $123,000 after acquiring an additional 3,574 shares during the period. Teza Capital Management LLC purchased a new position in shares of Gogo during the third quarter valued at approximately $158,000. Ballentine Partners LLC purchased a new position in shares of Gogo during the fourth quarter valued at approximately $140,000. SG Americas Securities LLC purchased a new position in shares of Gogo during the third quarter valued at approximately $177,000. Finally, Corton Capital Inc. boosted its position in shares of Gogo by 62.5% during the third quarter. Corton Capital Inc. now owns 17,400 shares of the technology company’s stock valued at $208,000 after buying an additional 6,695 shares during the last quarter. Institutional investors and hedge funds own 69.60% of the company’s stock.

Insider Activity at Gogo

In other Gogo news, Director Charles C. Townsend purchased 28,857 shares of Gogo stock in a transaction on Thursday, March 14th. The shares were acquired at an average cost of $9.03 per share, for a total transaction of $260,578.71. Following the completion of the transaction, the director now directly owns 1,740,588 shares of the company’s stock, valued at $15,717,509.64. The purchase was disclosed in a filing with the SEC, which is available at this link. In other Gogo news, Director Harris N. Williams bought 12,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were bought at an average cost of $8.10 per share, with a total value of $97,200.00. Following the completion of the purchase, the director now directly owns 20,990 shares of the company’s stock, valued at $170,019. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles C. Townsend purchased 28,857 shares of Gogo stock in a transaction that occurred on Thursday, March 14th. The shares were acquired at an average price of $9.03 per share, for a total transaction of $260,578.71. Following the acquisition, the director now owns 1,740,588 shares in the company, valued at $15,717,509.64. The disclosure for this purchase can be found here. 26.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on GOGO shares. Morgan Stanley cut their target price on Gogo from $15.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 16th. JPMorgan Chase & Co. initiated coverage on Gogo in a research report on Thursday, February 29th. They issued a “neutral” rating and a $11.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $15.30.

Gogo Stock Performance

Shares of GOGO traded up $0.43 during mid-day trading on Thursday, hitting $10.20. The stock had a trading volume of 941,968 shares, compared to its average volume of 962,135. The firm has a market cap of $1.31 billion, a P/E ratio of 8.72 and a beta of 1.04. The business has a fifty day moving average price of $8.73 and a 200-day moving average price of $9.41. The company has a debt-to-equity ratio of 14.43, a current ratio of 4.37 and a quick ratio of 3.49. Gogo Inc. has a 52 week low of $7.53 and a 52 week high of $17.94.

Gogo (NASDAQ:GOGO) last issued its earnings results on Wednesday, February 28th. The technology company reported $0.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.11. The firm had revenue of $97.81 million for the quarter, compared to analyst estimates of $96.56 million. Gogo had a negative return on equity of 7,172.73% and a net margin of 36.64%. The business’s revenue was down 9.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.21 earnings per share. On average, equities research analysts expect that Gogo Inc. will post 0.36 EPS for the current year.

Gogo Company Profile

Gogo Inc, together with its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company's product platform includes networks, antennas, and airborne equipment and software. It offers in-flight systems; in-flight services; aviation partner support; and engineering, design, and development services, as well as production operations functions.