Gogo Inc. (NASDAQ:GOGO) Sees Significant Drop in Short Interest

Gogo Inc. (NASDAQ:GOGO) was the recipient of a significant decrease in short interest in December. As of December 15th, there was short interest totaling 16,896,939 shares, a decrease of 16.8% from the November 30th total of 20,306,075 shares. Approximately 17.0% of the shares of the company are short sold. Based on an average trading volume of 4,651,537 shares, the short-interest ratio is currently 3.6 days. Based on an average trading volume of 4,651,537 shares, the short-interest ratio is currently 3.6 days. Approximately 17.0% of the shares of the company are short sold.

Insider Activity at Gogo

In related news, insider Oakleigh Thorne purchased 170,000 shares of Gogo stock in a transaction dated Friday, December 12th. The stock was bought at an average cost of $5.34 per share, for a total transaction of $907,800.00. Following the completion of the transaction, the insider owned 954,098 shares in the company, valued at $5,094,883.32. This trade represents a 21.68% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 25.78% of the stock is owned by insiders.

Institutional Investors Weigh In On Gogo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GOGO. William Blair Investment Management LLC lifted its holdings in shares of Gogo by 124.8% during the second quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock valued at $83,292,000 after purchasing an additional 3,149,585 shares in the last quarter. Two Sigma Investments LP boosted its holdings in shares of Gogo by 512.6% during the 3rd quarter. Two Sigma Investments LP now owns 1,218,005 shares of the technology company’s stock valued at $10,463,000 after acquiring an additional 1,019,195 shares during the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Gogo in the third quarter worth approximately $6,760,000. LB Partners LLC grew its stake in shares of Gogo by 30.0% in the third quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock worth $27,737,000 after acquiring an additional 745,000 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of Gogo by 152.6% during the third quarter. Bank of America Corp DE now owns 1,210,907 shares of the technology company’s stock valued at $10,402,000 after purchasing an additional 731,603 shares during the last quarter. 69.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Gogo Trading Down 1.8%

Shares of GOGO stock traded down $0.09 during trading hours on Wednesday, reaching $4.65. The company’s stock had a trading volume of 410,920 shares, compared to its average volume of 1,919,901. The company has a current ratio of 1.74, a quick ratio of 1.40 and a debt-to-equity ratio of 7.79. The firm’s fifty day simple moving average is $6.83 and its 200 day simple moving average is $10.35. The stock has a market capitalization of $621.75 million, a P/E ratio of -92.90 and a beta of 0.90. Gogo has a one year low of $4.44 and a one year high of $16.82.

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

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.