Gogo (NASDAQ:GOGO) Shares Gap Up After Insider Buying Activity

Gogo Inc. (NASDAQ:GOGO)’s stock price gapped up before the market opened on Monday after an insider bought additional shares in the company. The stock had previously closed at $4.31, but opened at $4.67. Gogo shares last traded at $4.36, with a volume of 431,610 shares.

Specifically, Director Charles C. Townsend acquired 158,591 shares of Gogo stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average price of $4.57 per share, with a total value of $724,760.87. Following the completion of the purchase, the director owned 418,686 shares of the company’s stock, valued at approximately $1,913,395.02. This represents a 60.97% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles C. Townsend bought 91,409 shares of the stock in a transaction on Wednesday, March 11th. The stock was purchased at an average cost of $4.54 per share, with a total value of $414,996.86. Following the completion of the purchase, the director directly owned 260,095 shares in the company, valued at $1,180,831.30. This trade represents a 54.19% increase in their position. The disclosure for this purchase is available in the SEC filing.

Wall Street Analysts Forecast Growth

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

Gogo Trading Up 2.3%

The company has a debt-to-equity ratio of 8.24, a quick ratio of 1.24 and a current ratio of 1.60. The firm has a market capitalization of $593.94 million, a price-to-earnings ratio of 44.10 and a beta of 1.07. The business has a fifty day moving average price of $4.59 and a 200 day moving average price of $6.68.

Gogo (NASDAQ:GOGO) last issued its earnings results on Friday, February 27th. The technology company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). The firm had revenue of $230.56 million during the quarter, compared to analyst estimates of $222.65 million. Gogo had a net margin of 1.42% and a return on equity of 55.95%. Gogo’s revenue was up 67.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.22) EPS. As a group, equities analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current year.

Hedge Funds Weigh In On Gogo

Several hedge funds and other institutional investors have recently modified their holdings of GOGO. Caitong International Asset Management Co. Ltd purchased a new stake in Gogo during the 4th quarter worth $27,000. Fortitude Family Office LLC acquired a new position in shares of Gogo during the third quarter worth about $30,000. State of Wyoming purchased a new stake in shares of Gogo in the third quarter worth about $32,000. Farther Finance Advisors LLC boosted its position in shares of Gogo by 91,500.0% in the fourth quarter. Farther Finance Advisors LLC now owns 10,076 shares of the technology company’s stock worth $47,000 after buying an additional 10,065 shares during the period. Finally, Stifel Financial Corp acquired a new stake in shares of Gogo in the fourth quarter valued at about $52,000. 69.60% of the stock is owned by institutional investors and hedge funds.

Gogo Company Profile

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.