Nantahala Capital Management LLC acquired a new stake in Gogo Inc. (NASDAQ:GOGO - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 8,697,731 shares of the technology company's stock, valued at approximately $26,962,966. Gogo comprises 0.0% of Nantahala Capital Management LLC's investment portfolio, making the stock its 23rd largest position. Nantahala Capital Management LLC owned about 6.42% of Gogo as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of America Corp DE grew its stake in shares of Gogo by 244.1% in the 1st quarter. Bank of America Corp DE now owns 5,340,615 shares of the technology company's stock valued at $21,469,000 after buying an additional 3,788,659 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Gogo by 199.4% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 486,820 shares of the technology company's stock valued at $1,957,000 after buying an additional 324,237 shares during the period. LB Partners LLC lifted its holdings in Gogo by 436.0% in the first quarter. LB Partners LLC now owns 804,034 shares of the technology company's stock valued at $3,232,000 after acquiring an additional 654,034 shares during the last quarter. UBS Group AG lifted its holdings in Gogo by 32.5% in the fourth quarter. UBS Group AG now owns 500,807 shares of the technology company's stock valued at $2,334,000 after acquiring an additional 122,706 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Gogo by 31.4% in the first quarter. Renaissance Technologies LLC now owns 966,674 shares of the technology company's stock valued at $3,886,000 after acquiring an additional 230,800 shares during the last quarter. 69.60% of the stock is owned by institutional investors.
Analyst Ratings Changes
GOGO has been the subject of several recent analyst reports. Morgan Stanley cut their target price on Gogo from $8.00 to $7.00 and set an "equal weight" rating for the company in a research note on Thursday, May 21st. Roth Capital reiterated a "buy" rating on shares of Gogo in a report on Friday, August 7th. Weiss Ratings cut Gogo from a "hold (c-)" rating to a "sell (d)" rating in a report on Monday, August 17th. Wall Street Zen downgraded Gogo from a "hold" rating to a "sell" rating in a research report on Saturday, August 8th. Finally, Zacks Research lowered shares of Gogo from a "hold" rating to a "strong sell" rating in a report on Friday, August 7th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $8.50.
Get Our Latest Stock Report on GOGO
Gogo Trading Down 0.4%
Shares of GOGO stock opened at $2.72 on Friday. Gogo Inc. has a fifty-two week low of $2.53 and a fifty-two week high of $11.19. The company has a 50 day moving average price of $3.40 and a 200 day moving average price of $3.97. The stock has a market capitalization of $368.59 million, a P/E ratio of 272.00 and a beta of 1.13. The company has a debt-to-equity ratio of 6.74, a quick ratio of 1.21 and a current ratio of 1.73.
Gogo (NASDAQ:GOGO - Get Free Report) last released its earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.03). Gogo had a positive return on equity of 22.55% and a negative net margin of 0.09%.The business had revenue of $222.81 million for the quarter, compared to analyst estimates of $229.35 million. During the same quarter last year, the company earned $0.09 earnings per share. Gogo's quarterly revenue was down 1.4% compared to the same quarter last year. Equities research analysts predict that Gogo Inc. will post 0.14 EPS for the current fiscal year.
Gogo Company Profile
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Free Report)
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.
See Also
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