Royce & Associates LP Has $6.05 Million Stock Position in Gogo Inc. (NASDAQ:GOGO)

Key Points

• Royce & Associates LP significantly increased its stake in Gogo Inc. by 364.9%, owning approximately 701,374 shares valued at $6.05 million as of the latest 13F filing.
• Insider activity includes a substantial sale by Director Holdings Lp Silver, who sold 8.5 million shares for about $93.5 million, reducing their ownership by 67.06%.
• Gogo's earnings report revealed a beat on analyst estimates with $0.18 earnings per share and a revenue increase of 120.8% year-over-year.

Royce & Associates LP increased its stake in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) by 364.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 701,374 shares of the technology company's stock after buying an additional 550,519 shares during the period. Royce & Associates LP owned 0.53% of Gogo worth $6,046,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Gogo by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,863 shares of the technology company's stock worth $298,000 after buying an additional 1,273 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Gogo by 0.6% during the 4th quarter. Nuveen Asset Management LLC now owns 223,317 shares of the technology company's stock worth $1,807,000 after buying an additional 1,373 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Gogo by 532.9% during the 1st 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. Price T Rowe Associates Inc. MD boosted its holdings in shares of Gogo by 8.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 62,032 shares of the technology company's stock worth $502,000 after buying an additional 5,078 shares during the period. Finally, Lazard Asset Management LLC bought a new stake in shares of Gogo during the 4th quarter worth about $43,000. Institutional investors own 69.60% of the company's stock.

Analyst Upgrades and Downgrades

GOGO has been the subject of several analyst reports. Wall Street Zen upgraded shares of Gogo from a "hold" rating to a "buy" rating in a research note 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 research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $12.63.

Insider Buying and Selling

In related news, EVP Michael Begler sold 107,136 shares of the company'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 in the company, valued at $216,810. This represents a 88.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director (Equity) Holdings Lp Silver sold 8,500,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $11.00, for a total transaction of $93,500,000.00. Following the transaction, the director owned 4,174,482 shares of the company's stock, valued at approximately $45,919,302. This represents a 67.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. 25.78% of the stock is owned by corporate insiders.

Gogo Price Performance

Shares of NASDAQ:GOGO traded up $0.08 during midday trading on Wednesday, hitting $16.34. The stock had a trading volume of 180,959 shares, compared to its average volume of 1,670,539. The company's 50-day moving average price is $13.78 and its 200-day moving average price is $10.04. The company has a market capitalization of $2.16 billion, a P/E ratio of -409.68 and a beta of 1.06. The company has a quick ratio of 1.36, a current ratio of 1.84 and a debt-to-equity ratio of 10.03. Gogo Inc. has a fifty-two week low of $6.17 and a fifty-two week high of $16.61.

Gogo (NASDAQ:GOGO - Get Free Report) last issued its earnings results on Friday, May 9th. The technology company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.05 by $0.13. The company had revenue of $230.31 million during the quarter, compared to analysts' expectations of $214.93 million. Gogo had a negative net margin of 0.82% and a positive return on equity of 95.01%. The business's revenue for the quarter was up 120.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.23 EPS. As a group, equities research analysts predict that Gogo Inc. will post 0.41 EPS for the current fiscal year.

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.