Ewing Morris & Co. Investment Partners Ltd. Sells 100,000 Shares of 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. cut its holdings in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 764,199 shares of the technology company's stock after selling 100,000 shares during the period. Gogo comprises approximately 2.5% of Ewing Morris & Co. Investment Partners Ltd.'s portfolio, making the stock its 13th largest position. Ewing Morris & Co. Investment Partners Ltd. owned 0.58% of Gogo worth $6,587,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Gogo by 9.3% during the 1st quarter. Vanguard Group Inc. now owns 5,695,358 shares of the technology company's stock valued at $49,094,000 after purchasing an additional 485,145 shares in the last quarter. LB Partners LLC boosted its holdings in Gogo by 6.4% during the 1st quarter. LB Partners LLC now owns 2,363,979 shares of the technology company's stock worth $20,283,000 after acquiring an additional 142,887 shares during the last quarter. Tenzing Global Management LLC boosted its holdings in Gogo by 59.6% during the 4th quarter. Tenzing Global Management LLC now owns 2,075,000 shares of the technology company's stock worth $16,787,000 after acquiring an additional 775,000 shares during the last quarter. Silvercrest Asset Management Group LLC purchased a new position in Gogo during the 4th quarter worth $14,147,000. Finally, SCP Investment LP boosted its holdings in Gogo by 6.9% during the 1st quarter. SCP Investment LP now owns 1,550,000 shares of the technology company's stock worth $13,361,000 after acquiring an additional 100,000 shares during the last quarter. Institutional investors and hedge funds own 69.60% of the company's stock.

Gogo Price Performance

GOGO traded up $0.01 during midday trading on Thursday, hitting $10.74. The stock had a trading volume of 770,789 shares, compared to its average volume of 1,705,835. The company has a market cap of $1.44 billion, a P/E ratio of 268.38 and a beta of 0.78. The business has a fifty day moving average of $14.03 and a 200 day moving average of $10.83. 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 1 year low of $6.17 and a 1 year high of $16.82.

Gogo (NASDAQ:GOGO - Get Free Report) last issued its earnings results on Thursday, August 7th. The technology company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.01. The business had revenue of $226.04 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.01 earnings per share. Gogo has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on GOGO shares. Roth Capital set a $16.50 price target on shares of Gogo and gave the stock a "buy" rating in a report on Wednesday, June 18th. Wall Street Zen downgraded shares of Gogo from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Morgan Stanley began coverage on shares of Gogo in a report on Thursday, August 14th. They set an "equal weight" rating and a $15.00 price objective on the stock. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $14.83.

Insiders Place Their Bets

In other Gogo news, 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 price 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. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Michael Begler sold 107,136 shares of the firm's stock in a transaction on 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 sale, 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 position. The disclosure for this sale can be found here. Company insiders own 25.78% of the company's stock.

Gogo 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.