Envestnet Asset Management Inc. Invests $205,000 in Gogo Inc. $GOGO

Envestnet Asset Management Inc. bought a new position in Gogo Inc. (NASDAQ:GOGO) during the second quarter, according to its most recent filing with the SEC. The firm bought 13,995 shares of the technology company’s stock, valued at approximately $205,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. LB Partners LLC lifted its stake in shares of Gogo by 5.1% in the second quarter. LB Partners LLC now owns 2,483,979 shares of the technology company’s stock valued at $36,465,000 after buying an additional 120,000 shares in the last quarter. William Blair Investment Management LLC lifted its position in Gogo by 124.8% in the 2nd quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock valued at $83,292,000 after acquiring an additional 3,149,585 shares in the last quarter. CWM LLC boosted its stake in Gogo by 127.0% during the 2nd quarter. CWM LLC now owns 6,626 shares of the technology company’s stock valued at $97,000 after purchasing an additional 3,707 shares during the last quarter. USA Financial Formulas bought a new stake in Gogo during the 2nd quarter worth approximately $76,000. Finally, State of Alaska Department of Revenue increased its holdings in Gogo by 9.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 35,740 shares of the technology company’s stock worth $524,000 after purchasing an additional 2,984 shares in the last quarter. Institutional investors own 69.60% of the company’s stock.

Gogo Stock Up 0.8%

GOGO stock opened at $7.14 on Friday. The stock has a market cap of $955.02 million, a P/E ratio of -142.70 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. The stock’s fifty day simple moving average is $8.37 and its two-hundred day simple moving average is $11.30. Gogo Inc. has a 1-year low of $6.20 and a 1-year high of $16.82.

Gogo (NASDAQ:GOGO) last released its earnings results on Thursday, November 6th. The technology company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.12). The business had revenue of $223.59 million for the quarter, compared to the consensus estimate of $222.23 million. Gogo had a positive return on equity of 71.74% and a negative net margin of 0.65%.The company’s revenue for the quarter was up 122.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.08 earnings per share. Gogo has set its FY 2025 guidance at EPS. Analysts expect that Gogo Inc. will post 0.41 EPS for the current year.

Wall Street Analyst Weigh In

GOGO has been the topic of several analyst reports. Morgan Stanley initiated coverage on Gogo in a research report on Thursday, August 14th. They set an “equal weight” rating and a $15.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gogo in a report on Monday. Finally, Wall Street Zen downgraded shares of Gogo from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Gogo has a consensus rating of “Hold” and an average price target of $14.83.

Gogo 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.