Virtu Financial LLC Makes New Investment in 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 purchased a new position in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 29,634 shares of the technology company's stock, valued at approximately $255,000.

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

Gogo Trading Down 9.3%

Shares of GOGO traded down $1.14 on Thursday, hitting $11.15. 5,570,220 shares of the stock traded hands, compared to its average volume of 1,708,378. The company has a quick ratio of 1.32, a current ratio of 1.71 and a debt-to-equity ratio of 8.10. The firm has a market capitalization of $1.49 billion, a P/E ratio of 278.75 and a beta of 1.11. The stock's 50 day moving average is $14.50 and its two-hundred day moving average is $10.65. Gogo Inc. has a 1 year low of $6.17 and a 1 year high of $16.82.

Gogo (NASDAQ:GOGO - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The technology company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.01. The business 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%. The company's quarterly revenue was up 121.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.01 earnings per share. Gogo has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Gogo Inc. will post 0.41 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently commented on GOGO. 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. 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. Finally, Wall Street Zen lowered shares of Gogo from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Gogo has an average rating of "Moderate Buy" and an average price target of $14.83.

Insider Activity at Gogo

In other Gogo news, EVP Michael Begler sold 107,136 shares of the 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Christopher John Moore purchased 10,000 shares of the business's stock in a transaction on Friday, August 8th. The shares were bought at an average cost 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 $121,100. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate 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.