JPMorgan Chase & Co. Sells 171,821 Shares of Gogo Inc. $GOGO

JPMorgan Chase & Co. reduced its position in shares of Gogo Inc. (NASDAQ:GOGO) by 33.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 342,549 shares of the technology company’s stock after selling 171,821 shares during the period. JPMorgan Chase & Co. owned about 0.26% of Gogo worth $2,942,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Fortitude Family Office LLC bought a new position in shares of Gogo in the third quarter valued at about $30,000. State of Wyoming bought a new stake in shares of Gogo during the 3rd quarter valued at $32,000. Quarry LP grew its stake in shares of Gogo by 86.1% during the third quarter. Quarry LP now owns 7,171 shares of the technology company’s stock worth $62,000 after purchasing an additional 3,318 shares during the period. Focus Partners Wealth acquired a new position in shares of Gogo during the 3rd quarter worth about $72,000. Finally, Versor Investments LP bought a new stake in shares of Gogo in the 3rd quarter valued at about $86,000. Institutional investors and hedge funds own 69.60% of the company’s stock.

Insider Activity

In other news, Director Charles C. Townsend purchased 158,591 shares of the business’s stock in a transaction dated Thursday, March 12th. The shares were bought at an average cost of $4.57 per share, for a total transaction of $724,760.87. Following the completion of the acquisition, the director directly owned 418,686 shares in the company, valued at approximately $1,913,395.02. This trade represents a 60.97% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 25.78% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Morgan Stanley set a $8.00 price objective on shares of Gogo in a report on Friday, January 16th. Weiss Ratings reissued a “sell (d)” rating on shares of Gogo in a research report on Friday, March 27th. Finally, William Blair cut shares of Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $12.25.

Gogo Stock Performance

Shares of GOGO opened at $4.12 on Friday. The firm has a market cap of $554.89 million, a P/E ratio of 41.20 and a beta of 1.12. Gogo Inc. has a twelve month low of $3.85 and a twelve month high of $16.82. 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’s 50 day moving average price is $4.41 and its two-hundred day moving average price is $6.10.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings data on Friday, February 27th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.09). The company had revenue of $230.56 million for the quarter, compared to the consensus estimate of $222.65 million. Gogo had a return on equity of 55.95% and a net margin of 1.42%.The firm’s revenue was up 67.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.22) EPS. On average, analysts forecast that Gogo Inc. will post 0.41 EPS for the current fiscal year.

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.