Tenzing Global Management LLC Grows Stock Position in Gogo Inc. $GOGO

Key Points

• Tenzing Global Management LLC has increased its stake in Gogo Inc. by 31.3%, making it the largest position in their portfolio, now owning 2,725,000 shares valued at approximately $23.5 million.
• Institutional investors collectively hold about 69.60% of Gogo's stock, with notable increases in holdings from firms like Dimensional Fund Advisors and ProShare Advisors.
• Gogo's latest earnings report showed a profit of $0.13 per share, surpassing estimates, and a significant 121.4% increase in revenue year-over-year, amounting to $226.04 million.

Tenzing Global Management LLC grew its stake in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) by 31.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,725,000 shares of the technology company's stock after purchasing an additional 650,000 shares during the quarter. Gogo comprises about 17.0% of Tenzing Global Management LLC's portfolio, making the stock its biggest holding. Tenzing Global Management LLC owned about 2.06% of Gogo worth $23,490,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in GOGO. Select Equity Group L.P. increased its holdings in Gogo by 68.8% during the first quarter. Select Equity Group L.P. now owns 402,987 shares of the technology company's stock worth $3,474,000 after buying an additional 164,257 shares during the last quarter. Millennium Management LLC increased its stake in shares of Gogo by 439.5% during the 1st quarter. Millennium Management LLC now owns 709,003 shares of the technology company's stock worth $6,112,000 after purchasing an additional 577,575 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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. AQR Capital Management LLC raised its holdings in shares of Gogo by 43.4% in the 1st quarter. AQR Capital Management LLC now owns 47,219 shares of the technology company's stock valued at $407,000 after purchasing an additional 14,293 shares during the period. Finally, Ancora Advisors LLC acquired a new stake in Gogo in the 1st quarter valued at about $458,000. Institutional investors and hedge funds own 69.60% of the company's stock.

Insider Transactions at Gogo

In related news, EVP Michael Begler sold 107,136 shares of the business's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $15.00, for a total value of $1,607,040.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher John Moore purchased 10,000 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average cost of $12.11 per share, with a total value of $121,100.00. Following the purchase, the chief executive officer owned 10,000 shares of the company's stock, valued at $121,100. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 25.78% of the stock is owned by insiders.

Gogo Price Performance

GOGO stock traded down $0.60 during midday trading on Friday, reaching $9.76. The company had a trading volume of 815,064 shares, compared to its average volume of 1,696,736. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 242.38 and a beta of 0.78. The stock has a 50 day moving average price of $13.51 and a 200-day moving average price of $10.93. Gogo Inc. has a 1-year low of $6.17 and a 1-year high of $16.82. The company has a debt-to-equity ratio of 8.10, a current ratio of 1.71 and a quick ratio of 1.32.

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

Analyst Ratings Changes

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

About Gogo

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.