Virtu Financial LLC Buys Shares of 29,634 Gogo Inc. $GOGO

Key Points

• Virtu Financial LLC has invested approximately $255,000 in Gogo Inc., acquiring 29,634 shares of the company's stock in the first quarter.
• Institutional ownership of Gogo is significant, with organizations like Vanguard and Nantahala Capital Management making substantial increases in their stakes, collectively holding 69.60% of the company's stock.
• Gogo reported strong earnings with a 121.4% year-over-year revenue increase, and its latest EPS of $0.13 exceeded expectations of $0.12.

Virtu Financial LLC acquired a new stake in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 29,634 shares of the technology company's stock, valued at approximately $255,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GOGO. Vanguard Group Inc. increased its stake in shares of Gogo by 9.3% in the first quarter. Vanguard Group Inc. now owns 5,695,358 shares of the technology company's stock valued at $49,094,000 after buying an additional 485,145 shares in the last quarter. Nantahala Capital Management LLC increased its position in Gogo by 441.5% in the fourth quarter. Nantahala Capital Management LLC now owns 2,574,642 shares of the technology company's stock worth $20,829,000 after purchasing an additional 2,099,145 shares during the period. LB Partners LLC increased its position in Gogo by 6.4% in the first quarter. LB Partners LLC now owns 2,363,979 shares of the technology company's stock worth $20,283,000 after purchasing an additional 142,887 shares during the period. Tenzing Global Management LLC increased its position in Gogo by 59.6% in the fourth quarter. Tenzing Global Management LLC now owns 2,075,000 shares of the technology company's stock worth $16,787,000 after purchasing an additional 775,000 shares during the period. Finally, Silvercrest Asset Management Group LLC acquired a new stake in Gogo in the fourth quarter worth about $14,147,000. 69.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on GOGO shares. Morgan Stanley started coverage on Gogo in a research report on Thursday, August 14th. They issued an "equal weight" rating and a $15.00 price objective for the company. Roth Capital set a $16.50 price objective on Gogo and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Finally, Wall Street Zen cut Gogo from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $14.83.

Gogo Trading Down 4.3%

GOGO traded down $0.5240 during midday trading on Thursday, reaching $11.7660. 2,383,114 shares of the company were exchanged, compared to its average volume of 1,696,393. 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 Inc. has a one year low of $6.17 and a one year high of $16.82. The stock has a market capitalization of $1.57 billion, a P/E ratio of 297.15 and a beta of 1.11. The stock's 50-day simple moving average is $14.52 and its 200 day simple moving average is $10.63.

Gogo (NASDAQ:GOGO - Get Free Report) last issued its earnings results on Thursday, August 7th. The technology company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.01. Gogo had a return on equity of 88.04% and a net margin of 1.05%.The firm had revenue of $226.04 million for the quarter, compared to analysts' expectations of $220.12 million. During the same quarter last year, the business earned $0.01 earnings per share. The company's revenue was up 121.4% compared to the same quarter last year. Gogo has set its FY 2025 guidance at EPS. As a group, analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Christopher John Moore bought 10,000 shares of the business's stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $12.11 per share, for a total transaction of $121,100.00. Following the purchase, the chief executive officer owned 10,000 shares of the company's stock, valued at approximately $121,100. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Begler sold 107,136 shares of the business'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 value of $1,607,040.00. Following the completion of the sale, the executive vice president owned 14,454 shares in the company, valued at $216,810. The trade was a 88.11% decrease in their position. The disclosure for this sale can be found here. Insiders own 25.78% of the company's stock.

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.