Nuveen LLC Takes $1.93 Million Position in Gogo Inc. $GOGO

Key Points

• Nuveen LLC acquired 223,524 shares of Gogo Inc., valued at approximately $1,927,000, which accounts for about 0.17% of the company's stock.
• Brokerages have mixed ratings on Gogo, with Roth Capital setting a "buy" rating and $16.50 price target, while Wall Street Zen downgraded it to a "hold" rating.
• Gogo reported a 121.4% increase in quarterly revenue, posting $226.04 million, and exceeding analysts' expectations with $0.13 earnings per share.

Nuveen LLC bought a new stake in Gogo Inc. (NASDAQ:GOGO - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 223,524 shares of the technology company's stock, valued at approximately $1,927,000. Nuveen LLC owned approximately 0.17% of Gogo at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in GOGO. GAMMA Investing LLC increased its holdings in Gogo by 532.9% in the first quarter. GAMMA Investing LLC now owns 3,595 shares of the technology company's stock valued at $31,000 after buying an additional 3,027 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Gogo in the fourth quarter valued at approximately $43,000. State of Wyoming acquired a new stake in shares of Gogo in the fourth quarter valued at approximately $57,000. Teza Capital Management LLC acquired a new stake in shares of Gogo in the fourth quarter valued at approximately $110,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Gogo in the first quarter valued at approximately $111,000. 69.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on GOGO. 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 price target on shares of Gogo and gave the company a "buy" rating in a research report on Wednesday, June 18th. Finally, Morgan Stanley began coverage on shares of Gogo in a research report on Thursday, August 14th. They issued an "equal weight" rating and a $15.00 price target on the stock. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $14.83.

Gogo Trading Down 0.7%

NASDAQ GOGO traded down $0.08 during mid-day trading on Thursday, reaching $10.65. 125,688 shares of the stock were exchanged, compared to its average volume of 1,702,297. Gogo Inc. has a 1-year low of $6.17 and a 1-year high of $16.82. The business's fifty day simple moving average is $14.03 and its 200 day simple moving average is $10.83. The stock has a market capitalization of $1.42 billion, a PE ratio of 266.13 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 (NASDAQ:GOGO - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The technology company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.12 by $0.01. The company had revenue of $226.04 million for the quarter, compared to the consensus estimate of $220.12 million. Gogo had a net margin of 1.05% and a return on equity of 88.04%. Gogo's revenue was up 121.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.01 earnings per share. Gogo has set its FY 2025 guidance at EPS. On average, research analysts anticipate that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

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.