Ewing Morris & Co. Investment Partners Ltd. Reduces Holdings in Gogo Inc. $GOGO

Key Points

• Ewing Morris & Co. Investment Partners Ltd. reduced its stake in Gogo Inc. by 11.6%, selling 100,000 shares and now holding 764,199 shares, which constitutes about 2.5% of its total holdings.
• Several institutional investors have increased their positions in Gogo, with GAMMA Investing LLC leading with a 532.9% increase, now holding 3,595 shares worth approximately $31,000.
• Gogo's recent quarterly earnings reported a net margin of 1.05% and revenue growth of 121.4% year-over-year, with an EPS of $0.13, surpassing analysts' expectations.

Ewing Morris & Co. Investment Partners Ltd. decreased its holdings in Gogo Inc. (NASDAQ:GOGO - Free Report) by 11.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 764,199 shares of the technology company's stock after selling 100,000 shares during the quarter. Gogo accounts for approximately 2.5% of Ewing Morris & Co. Investment Partners Ltd.'s holdings, making the stock its 13th biggest position. Ewing Morris & Co. Investment Partners Ltd. owned approximately 0.58% of Gogo worth $6,587,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of GOGO. MetLife Investment Management LLC increased its position in shares of Gogo by 6.9% during the 1st quarter. MetLife Investment Management LLC now owns 38,698 shares of the technology company's stock valued at $334,000 after purchasing an additional 2,482 shares during the last quarter. AlphaQuest LLC increased its position in shares of Gogo by 105.1% during the 1st quarter. AlphaQuest LLC now owns 40,635 shares of the technology company's stock valued at $350,000 after purchasing an additional 20,818 shares during the last quarter. American Century Companies Inc. increased its position in shares of Gogo by 18.2% during the 1st quarter. American Century Companies Inc. now owns 174,630 shares of the technology company's stock valued at $1,505,000 after purchasing an additional 26,873 shares during the last quarter. Public Sector Pension Investment Board increased its position in shares of Gogo by 27.3% during the 1st quarter. Public Sector Pension Investment Board now owns 187,518 shares of the technology company's stock valued at $1,616,000 after purchasing an additional 40,233 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Gogo during the 1st quarter valued at about $1,927,000. Hedge funds and other institutional investors own 69.60% of the company's stock.

Gogo Price Performance

Shares of GOGO stock traded down $0.05 on Friday, reaching $10.68. The company's stock had a trading volume of 408,140 shares, compared to its average volume of 1,699,817. The stock's fifty day simple moving average is $13.96 and its 200-day simple moving average is $10.85. Gogo Inc. has a 1 year low of $6.17 and a 1 year high of $16.82. The company has a current ratio of 1.71, a quick ratio of 1.32 and a debt-to-equity ratio of 8.10. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of 267.13 and a beta of 0.78.

Gogo (NASDAQ:GOGO - Get Free Report) last posted its 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 net margin of 1.05% and a return on equity of 88.04%. The firm 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 earnings per share. 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. Analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insider Buying and Selling at Gogo

In other Gogo news, EVP Michael Begler sold 107,136 shares of Gogo stock in a transaction 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 $216,810. The trade was a 88.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher John Moore acquired 10,000 shares of the company's stock in a transaction on Friday, August 8th. The shares were purchased at an average cost of $12.11 per share, with a total value of $121,100.00. Following the completion of the purchase, the chief executive officer directly 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. 25.78% of the stock is owned by insiders.

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.