Nantahala Capital Management LLC Buys 990,155 Shares of Gogo Inc. $GOGO

Key Points

• Nantahala Capital Management LLC has increased its stake in Gogo Inc. by 38.5%, now holding 3,564,797 shares, making Gogo its 10th largest position.
• Gogo reported a 121.4% increase in revenue in its latest quarter, surpassing analysts' expectations, with an earnings per share (EPS) of $0.13, beating the consensus estimate.
• Insider transactions include CEO Christopher John Moore purchasing 10,000 shares at an average price of $12.11, while EVP Michael Begler sold 107,136 shares, reducing his holdings by 88.11%.

Nantahala Capital Management LLC increased its stake in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) by 38.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,564,797 shares of the technology company's stock after purchasing an additional 990,155 shares during the period. Gogo accounts for approximately 1.2% of Nantahala Capital Management LLC's investment portfolio, making the stock its 10th biggest position. Nantahala Capital Management LLC owned approximately 2.70% of Gogo worth $30,729,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Silvercrest Asset Management Group LLC acquired a new stake in Gogo in the 4th quarter valued at about $14,147,000. Tenzing Global Management LLC raised its holdings in Gogo by 59.6% in the 4th quarter. Tenzing Global Management LLC now owns 2,075,000 shares of the technology company's stock valued at $16,787,000 after acquiring an additional 775,000 shares during the last quarter. Royce & Associates LP raised its holdings in Gogo by 364.9% in the 1st quarter. Royce & Associates LP now owns 701,374 shares of the technology company's stock valued at $6,046,000 after acquiring an additional 550,519 shares during the last quarter. Vanguard Group Inc. raised its holdings in Gogo by 9.3% in the 1st quarter. Vanguard Group Inc. now owns 5,695,358 shares of the technology company's stock valued at $49,094,000 after acquiring an additional 485,145 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in Gogo in the 1st quarter valued at about $3,386,000. Institutional investors and hedge funds own 69.60% of the company's stock.

Wall Street Analysts Forecast Growth

GOGO has been the subject of several analyst reports. Morgan Stanley assumed coverage on shares of Gogo in a research note on Thursday, August 14th. They issued an "equal weight" rating and a $15.00 price target for the company. Wall Street Zen cut shares of Gogo from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Roth Capital set a $16.50 price objective on shares of Gogo and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Gogo currently has an average rating of "Moderate Buy" and an average target price of $14.83.

Insider Activity at Gogo

In other Gogo news, EVP Michael Begler sold 107,136 shares of Gogo stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $15.00, for a total transaction of $1,607,040.00. Following the transaction, the executive vice president owned 14,454 shares of the company's stock, valued at $216,810. The trade was a 88.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Christopher John Moore purchased 10,000 shares of the business's stock in a transaction on Friday, August 8th. The shares were purchased at an average cost of $12.11 per share, for a total transaction of $121,100.00. Following the transaction, the chief executive officer owned 10,000 shares of the company's stock, valued at $121,100. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 25.78% of the company's stock.

Gogo Price Performance

GOGO stock remained flat at $10.73 during midday trading on Thursday. 980,947 shares of the company's stock traded hands, compared to its average volume of 1,707,663. The company has a quick ratio of 1.32, a current ratio of 1.71 and a debt-to-equity ratio of 8.10. Gogo Inc. has a 52 week low of $6.17 and a 52 week high of $16.82. The company has a market cap of $1.43 billion, a price-to-earnings ratio of 268.25 and a beta of 0.78. The firm has a 50-day moving average of $14.03 and a 200-day moving average of $10.83.

Gogo (NASDAQ:GOGO - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The technology company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.01. Gogo had a return on equity of 88.04% and a net margin of 1.05%.The company had revenue of $226.04 million for the quarter, compared to analysts' expectations of $220.12 million. During the same period last year, the firm earned $0.01 earnings per share. Gogo's quarterly revenue was up 121.4% on a year-over-year basis. Gogo has set its FY 2025 guidance at EPS. On average, sell-side analysts expect that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Gogo Company 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.