Gogo (NASDAQ:GOGO) Trading Up 9% – Should You Buy?

Gogo Inc. (NASDAQ:GOGO) traded up 9% during trading on Wednesday . The company traded as high as $4.55 and last traded at $4.5250. 792,465 shares were traded during trading, a decline of 60% from the average session volume of 2,003,443 shares. The stock had previously closed at $4.15.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. William Blair downgraded Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Morgan Stanley set a $8.00 target price on Gogo in a report on Friday, January 16th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Gogo in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Gogo currently has an average rating of “Hold” and an average target price of $12.25.

Gogo Stock Up 7.8%

The stock has a fifty day moving average of $4.65 and a 200-day moving average of $7.73. The firm has a market capitalization of $599.00 million, a price-to-earnings ratio of -89.50 and a beta of 1.04. The company has a current ratio of 1.74, a quick ratio of 1.40 and a debt-to-equity ratio of 7.79.

Insiders Place Their Bets

In related news, insider Oakleigh Thorne purchased 170,000 shares of the company’s stock in a transaction that occurred on Friday, December 12th. The shares were purchased at an average price of $5.34 per share, with a total value of $907,800.00. Following the purchase, the insider owned 954,098 shares of the company’s stock, valued at $5,094,883.32. This trade represents a 21.68% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 25.78% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nantahala Capital Management LLC acquired a new stake in shares of Gogo during the fourth quarter valued at approximately $31,654,000. Millennium Management LLC grew its position in Gogo by 774.0% during the 4th quarter. Millennium Management LLC now owns 2,355,573 shares of the technology company’s stock worth $10,977,000 after purchasing an additional 2,086,042 shares in the last quarter. Balyasny Asset Management L.P. acquired a new stake in Gogo during the 4th quarter valued at $5,250,000. Two Sigma Investments LP lifted its holdings in shares of Gogo by 512.6% in the third quarter. Two Sigma Investments LP now owns 1,218,005 shares of the technology company’s stock valued at $10,463,000 after purchasing an additional 1,019,195 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Gogo by 403.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,137,602 shares of the technology company’s stock worth $5,301,000 after buying an additional 911,657 shares during the period. 69.60% of the stock is currently owned by institutional investors and hedge funds.

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.