Connor Clark & Lunn Investment Management Ltd. Buys New Shares in Gogo Inc. $GOGO

Key Points

• Connor Clark & Lunn Investment Management purchased 707,522 Gogo shares worth approximately $2.19 million, representing about 0.52% of the company. Institutional investors collectively own 69.6% of Gogo.
• Gogo shares opened at $2.72, near their one-year low of $2.53 and well below the 50-day and 200-day moving averages. The company’s latest quarter missed expectations, with EPS of $0.03 versus $0.06 expected and revenue down 1.4% year over year.
• Analyst sentiment is largely negative: the consensus rating is “Reduce”, with a price target of $8.50, while multiple firms recently downgraded the stock to “sell” or “strong sell.”

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of 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 bought 707,522 shares of the technology company's stock, valued at approximately $2,193,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.52% of Gogo as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of GOGO. The Manufacturers Life Insurance Company grew its stake in Gogo by 6.6% in the second quarter. The Manufacturers Life Insurance Company now owns 25,934 shares of the technology company's stock valued at $381,000 after purchasing an additional 1,597 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Gogo by 6.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,205 shares of the technology company's stock worth $338,000 after purchasing an additional 2,342 shares during the last quarter. Quarry LP raised its stake in shares of Gogo by 86.1% during the 3rd quarter. Quarry LP now owns 7,171 shares of the technology company's stock worth $62,000 after purchasing an additional 3,318 shares in the last quarter. Swiss National Bank raised its stake in shares of Gogo by 2.8% during the 4th quarter. Swiss National Bank now owns 145,100 shares of the technology company's stock worth $676,000 after purchasing an additional 4,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Gogo by 310.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company's stock valued at $29,000 after buying an additional 5,536 shares during the last quarter. Institutional investors own 69.60% of the company's stock.

Gogo Stock Down 0.4%

GOGO stock opened at $2.72 on Friday. Gogo Inc. has a 1-year low of $2.53 and a 1-year high of $11.19. The business's 50 day simple moving average is $3.40 and its 200 day simple moving average is $3.97. The company has a current ratio of 1.73, a quick ratio of 1.21 and a debt-to-equity ratio of 6.74. The firm has a market capitalization of $368.58 million, a PE ratio of 272.00 and a beta of 1.13.

Gogo (NASDAQ:GOGO - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share (EPS) 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 business had revenue of $222.81 million for the quarter, compared to analyst estimates of $229.35 million. During the same period in the prior year, the business earned $0.09 EPS. The company's revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, research analysts anticipate that Gogo Inc. will post 0.14 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on GOGO shares. Wall Street Zen cut shares of Gogo from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Roth Capital reaffirmed a "buy" rating on shares of Gogo in a research report on Friday, August 7th. Morgan Stanley cut their price target on shares of Gogo from $8.00 to $7.00 and set an "equal weight" rating for the company in a research note on Thursday, May 21st. Zacks Research downgraded shares of Gogo from a "hold" rating to a "strong sell" rating in a research report on Friday, August 7th. Finally, Weiss Ratings lowered shares of Gogo from a "hold (c-)" rating to a "sell (d)" rating in a research note on Monday, August 17th. 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 data from MarketBeat, the company has a consensus 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.

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