PDT Partners LLC Takes $766,000 Position in Gogo Inc. $GOGO

PDT Partners LLC bought a new position in Gogo Inc. (NASDAQ:GOGO) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 247,091 shares of the technology company’s stock, valued at approximately $766,000.

Several other hedge funds and other institutional investors have also modified their holdings of GOGO. Caitong International Asset Management Co. Ltd bought a new stake in Gogo in the fourth quarter valued at $27,000. PNC Financial Services Group Inc. lifted its holdings in shares of Gogo by 310.7% during the first quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company’s stock valued at $29,000 after acquiring an additional 5,536 shares during the period. State of Wyoming bought a new position in shares of Gogo during the first quarter valued at $34,000. Farther Finance Advisors LLC lifted its holdings in shares of Gogo by 91,500.0% during the fourth quarter. Farther Finance Advisors LLC now owns 10,076 shares of the technology company’s stock valued at $47,000 after acquiring an additional 10,065 shares during the period. Finally, Stifel Financial Corp acquired a new stake in shares of Gogo in the 4th quarter valued at $52,000. Institutional investors own 69.60% of the company’s stock.

Gogo Stock Down 4.2%

Shares of NASDAQ GOGO opened at $2.73 on Friday. Gogo Inc. has a 12-month low of $2.53 and a 12-month high of $11.45. The firm’s 50-day simple moving average is $3.41 and its 200 day simple moving average is $3.98. The company has a quick ratio of 1.21, a current ratio of 1.73 and a debt-to-equity ratio of 6.74. The company has a market cap of $369.94 million, a price-to-earnings ratio of 273.00 and a beta of 1.13.

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 negative net margin of 0.09% and a positive return on equity of 22.55%. The company had revenue of $222.81 million during the quarter, compared to analyst estimates of $229.35 million. During the same quarter in the previous year, the business posted $0.09 EPS. The company’s revenue was down 1.4% compared to the same quarter last year. On average, research analysts expect that Gogo Inc. will post 0.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.