Charles Schwab Investment Management Inc. Raises Stock Position in Gogo Inc. $GOGO

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Gogo Inc. by 4.6%, owning 580,545 shares valued at $5,004,000 after purchasing an additional 25,623 shares.
• Several hedge funds, including Vanguard Group Inc. and Tenzing Global Management LLC, have recently adjusted their stakes in Gogo, indicating a strong interest from institutional investors.
• Gogo reported earnings of $0.13 EPS in its latest quarter, surpassing expectations and showing a significant revenue increase of 121.4% year-over-year.

Charles Schwab Investment Management Inc. grew its stake in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) by 4.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 580,545 shares of the technology company's stock after purchasing an additional 25,623 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.44% of Gogo worth $5,004,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of GOGO. GAMMA Investing LLC lifted its position in Gogo by 532.9% during the 1st quarter. GAMMA Investing LLC now owns 3,595 shares of the technology company's stock valued at $31,000 after acquiring an additional 3,027 shares during the period. Lazard Asset Management LLC bought a new stake in Gogo during the fourth quarter valued at approximately $43,000. State of Wyoming bought a new stake in Gogo during the fourth quarter valued at approximately $57,000. Teza Capital Management LLC bought a new stake in Gogo during the fourth quarter valued at approximately $110,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Gogo in the first quarter worth approximately $111,000. Institutional investors own 69.60% of the company's stock.

Insider Buying and Selling

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

Gogo Stock Performance

GOGO stock traded up $0.04 during trading on Tuesday, reaching $11.02. The company had a trading volume of 1,643,570 shares, compared to its average volume of 1,971,241. The firm has a 50-day simple moving average of $14.11 and a 200-day simple moving average of $10.83. The company has a market cap of $1.47 billion, a price-to-earnings ratio of 275.50 and a beta of 0.78. The company has a debt-to-equity ratio of 8.10, a quick ratio of 1.32 and a current ratio of 1.71. Gogo Inc. has a twelve month low of $6.17 and a twelve month high of $16.82.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.01. Gogo had a net margin of 1.05% and a return on equity of 88.04%. The company had revenue of $226.04 million during the quarter, compared to analyst estimates of $220.12 million. During the same period last year, the firm posted $0.01 EPS. Gogo's revenue for the quarter was up 121.4% compared to the same quarter last year. Gogo has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Gogo Inc. will post 0.41 earnings per share for the current year.

Analysts Set New Price Targets

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

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.