SCP Investment LP Acquires 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 increased its holdings in Gogo Inc. (NASDAQ:GOGO - Free Report) by 6.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,550,000 shares of the technology company's stock after acquiring an additional 100,000 shares during the quarter. Gogo makes up 11.4% of SCP Investment LP's portfolio, making the stock its 3rd biggest position. SCP Investment LP owned 1.17% of Gogo worth $13,361,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. 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 during the last quarter. Lazard Asset Management LLC bought a new stake in Gogo in the fourth quarter valued at about $43,000. State of Wyoming bought a new stake in Gogo in the fourth quarter valued at about $57,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Gogo in the first quarter valued at about $111,000. Finally, Teza Capital Management LLC bought a new stake in Gogo in the fourth quarter valued at about $110,000. Institutional investors and hedge funds own 69.60% of the company's stock.

Insider Activity at Gogo

In other news, 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 completion of the transaction, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $1,607,040.00. Following the completion of the transaction, the executive vice president directly owned 14,454 shares of the company's stock, valued at $216,810. This trade represents a 88.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 25.78% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on GOGO shares. Wall Street Zen raised Gogo from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Roth Capital set a $16.50 price objective on Gogo and gave the company a "buy" rating in a report on Wednesday, June 18th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Gogo currently has an average rating of "Moderate Buy" and an average price target of $12.63.

Gogo Stock Down 4.5%

NASDAQ:GOGO opened at $15.14 on Friday. The firm has a market capitalization of $2.00 billion, a PE ratio of -378.50 and a beta of 1.11. The stock has a 50 day moving average of $14.01 and a 200-day moving average of $10.22. Gogo Inc. has a 52 week low of $6.17 and a 52 week high of $16.82. The company has a current ratio of 1.84, a quick ratio of 1.36 and a debt-to-equity ratio of 10.03.

Gogo (NASDAQ:GOGO - Get Free Report) last posted 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 analyst estimates of $214.93 million. Gogo had a positive return on equity of 95.01% and a negative net margin of 0.82%. The business's revenue was up 120.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.23 earnings per share. Analysts predict that Gogo Inc. will post 0.41 EPS for the current year.

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.

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