Jupiter Asset Management Ltd. Makes New $3.39 Million Investment in Gogo Inc. (NASDAQ:GOGO)

Key Points

• Jupiter Asset Management Ltd. has acquired a new stake in Gogo Inc., purchasing 392,851 shares valued at approximately $3.39 million.
• Gogo Inc. reported a 120.8% increase in revenue year-over-year, with recent earnings of $0.18 EPS, exceeding the consensus estimate of $0.05.
• Insider activity includes the sale of 8.5 million shares by a director, representing a significant 67.06% decrease in their ownership of Gogo stock.

Jupiter Asset Management Ltd. purchased a new position in Gogo Inc. (NASDAQ:GOGO - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 392,851 shares of the technology company's stock, valued at approximately $3,386,000. Jupiter Asset Management Ltd. owned approximately 0.30% of Gogo as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in shares of Gogo by 532.9% in the first quarter. GAMMA Investing LLC now owns 3,595 shares of the technology company's stock worth $31,000 after buying an additional 3,027 shares during the period. Lazard Asset Management LLC purchased a new stake in Gogo during the 4th quarter worth approximately $43,000. State of Wyoming purchased a new position in Gogo in the fourth quarter valued at $57,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Gogo during the 1st quarter worth about $111,000. Finally, Teza Capital Management LLC purchased a new stake in shares of Gogo in the 4th quarter valued at about $110,000. 69.60% of the stock is owned by institutional investors.

Gogo Stock Down 21.3%

GOGO stock traded down $3.26 during midday trading on Thursday, reaching $12.05. 4,997,252 shares of the company were exchanged, compared to its average volume of 1,687,780. The company has a debt-to-equity ratio of 10.03, a quick ratio of 1.36 and a current ratio of 1.84. Gogo Inc. has a 1-year low of $6.17 and a 1-year high of $16.82. The stock's 50-day simple moving average is $14.29 and its 200 day simple moving average is $10.37. The company has a market cap of $1.59 billion, a price-to-earnings ratio of -301.25 and a beta of 1.11.

Gogo (NASDAQ:GOGO - Get Free Report) last released its quarterly earnings results on Friday, May 9th. The technology company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.13. Gogo had a positive return on equity of 95.01% and a negative net margin of 0.82%. The business had revenue of $230.31 million during the quarter, compared to the consensus estimate of $214.93 million. During the same quarter in the previous year, the company posted $0.23 EPS. The business's revenue was up 120.8% on a year-over-year basis. On average, equities analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current year.

Insider Transactions at Gogo

In other news, Director (Equity) Holdings Lp Silver sold 8,500,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $11.00, for a total transaction of $93,500,000.00. Following the completion of the transaction, the director owned 4,174,482 shares of the company's stock, valued at $45,919,302. This represents a 67.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Begler sold 107,136 shares of the company's stock in a transaction dated 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 transaction, the executive vice president directly owned 14,454 shares of the company's stock, valued at approximately $216,810. This represents a 88.11% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 25.78% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GOGO. Wall Street Zen raised Gogo from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Roth Capital set a $16.50 price objective on shares of Gogo and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.63.

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.