Oakleigh Thorne Buys 170,000 Shares of Gogo (NASDAQ:GOGO) Stock

Gogo Inc. (NASDAQ:GOGO) insider Oakleigh Thorne bought 170,000 shares of Gogo stock in a transaction dated Friday, December 12th. The shares were acquired at an average cost of $5.34 per share, with a total value of $907,800.00. Following the completion of the purchase, the insider owned 954,098 shares in the company, valued at approximately $5,094,883.32. This trade represents a 21.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Gogo Price Performance

Gogo stock opened at $4.70 on Thursday. The stock has a market capitalization of $629.10 million, a P/E ratio of -94.00 and a beta of 0.89. The company’s fifty day moving average price is $7.64 and its 200 day moving average price is $10.78. The company has a debt-to-equity ratio of 7.79, a quick ratio of 1.40 and a current ratio of 1.74. Gogo Inc. has a 1 year low of $4.57 and a 1 year high of $16.82.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.12). Gogo had a negative net margin of 0.65% and a positive return on equity of 71.74%. The company had revenue of $223.59 million for the quarter, compared to analysts’ expectations of $222.23 million. During the same period in the previous year, the business earned $0.08 earnings per share. The business’s revenue for the quarter was up 122.4% on a year-over-year basis. As a group, equities research analysts anticipate that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gogo

Large investors have recently made changes to their positions in the stock. XTX Topco Ltd purchased a new stake in shares of Gogo during the 2nd quarter valued at approximately $1,018,000. William Blair Investment Management LLC grew its position in Gogo by 124.8% in the second quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock worth $83,292,000 after acquiring an additional 3,149,585 shares during the period. Quantbot Technologies LP acquired a new stake in Gogo during the second quarter worth $2,684,000. Ancora Advisors LLC purchased a new stake in Gogo in the first quarter valued at $458,000. Finally, Select Equity Group L.P. lifted its stake in shares of Gogo by 68.8% in the 1st quarter. Select Equity Group L.P. now owns 402,987 shares of the technology company’s stock valued at $3,474,000 after purchasing an additional 164,257 shares during the last quarter. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on GOGO. Weiss Ratings reiterated a “sell (d)” rating on shares of Gogo in a research note on Monday. William Blair downgraded Gogo from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 9th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $14.83.

About Gogo

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.