SCP Investment LP Purchases 100,000 Shares of Gogo Inc. (NASDAQ:GOGO)

Key Points

• SCP Investment LP increased its holdings in Gogo Inc. by 6.9%, acquiring an additional 100,000 shares, which brings its total ownership to 1,550,000 shares, representing 11.4% of its portfolio.
• Multiple institutional investors, including GAMMA Investing LLC with a 532.9% increase, have increased their stakes in Gogo, leading to 69.60% of the company's stock being owned by institutional investors and hedge funds.
• Gogo reported a quarterly EPS of $0.18, significantly beating analyst estimates, and indicated a revenue increase of 120.8% compared to the same quarter last year.

SCP Investment LP grew its holdings in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) by 6.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,550,000 shares of the technology company's stock after acquiring an additional 100,000 shares during the period. Gogo comprises about 11.4% of SCP Investment LP's investment portfolio, making the stock its 3rd biggest holding. SCP Investment LP owned approximately 1.17% of Gogo worth $13,361,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Gogo by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,863 shares of the technology company's stock worth $298,000 after purchasing an additional 1,273 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Gogo by 0.6% in the fourth quarter. Nuveen Asset Management LLC now owns 223,317 shares of the technology company's stock valued at $1,807,000 after purchasing an additional 1,373 shares during the period. GAMMA Investing LLC grew its position in Gogo by 532.9% during 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 in the last quarter. Price T Rowe Associates Inc. MD increased its position in 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 purchasing an additional 5,078 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in Gogo during the 4th quarter valued at approximately $43,000. Institutional investors own 69.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on GOGO shares. Roth Capital set a $16.50 price objective on shares of Gogo and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Wall Street Zen upgraded shares of Gogo from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.63.

Gogo Trading Down 19.4%

Shares of NASDAQ GOGO traded down $2.98 during midday trading on Thursday, reaching $12.33. 1,309,402 shares of the stock were exchanged, compared to its average volume of 1,670,027. The company has a 50 day simple moving average of $14.29 and a 200 day simple moving average of $10.37. 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 twelve month low of $6.17 and a twelve month high of $16.82. The stock has a market capitalization of $1.63 billion, a P/E ratio of -311.88 and a beta of 1.11.

Gogo (NASDAQ:GOGO - Get Free Report) last posted its earnings results on Friday, May 9th. The technology company reported $0.18 earnings per share for the quarter, beating 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 period in the previous year, the business earned $0.23 EPS. The business's quarterly revenue was up 120.8% on a year-over-year basis. As a group, equities analysts expect that Gogo Inc. will post 0.41 earnings per share for the current year.

Insiders Place Their Bets

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

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.