Gogo Inc. (NASDAQ:GOGO) Short Interest Down 14.7% in March

Key Points

• Short interest fell 14.7% in March to 17,401,885 shares (about 17.4% of the stock) with a days-to-cover ratio of 7.9 days.
• Director Charles C. Townsend bought 158,591 shares at an average of $4.57, increasing his ownership to 418,686 shares (a 60.97% rise); insiders now own 25.78% of the stock.
• Gogo reported quarterly EPS of ($0.07), missing the $0.02 estimate, while revenue of $230.56M beat expectations and rose 67.3% year-over-year.

Gogo Inc. (NASDAQ:GOGO - Get Free Report) saw a large decrease in short interest in March. As of March 31st, there was short interest totaling 17,401,885 shares, a decrease of 14.7% from the March 15th total of 20,399,601 shares. Approximately 17.4% of the company's stock are short sold. Based on an average daily volume of 2,201,266 shares, the days-to-cover ratio is currently 7.9 days.

Gogo Stock Up 2.7%

NASDAQ GOGO traded up $0.13 during trading hours on Friday, hitting $4.96. The company's stock had a trading volume of 1,215,613 shares, compared to its average volume of 2,010,606. Gogo has a 52 week low of $3.85 and a 52 week high of $16.82. The company has a market capitalization of $668.02 million, a PE ratio of 49.60 and a beta of 1.12. The company has a current ratio of 1.60, a quick ratio of 1.24 and a debt-to-equity ratio of 8.24. The company's 50-day simple moving average is $4.43 and its two-hundred day simple moving average is $5.85.

Gogo (NASDAQ:GOGO - Get Free Report) last announced its quarterly earnings results on Friday, February 27th. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.09). The business had revenue of $230.56 million during the quarter, compared to the consensus estimate of $222.65 million. Gogo had a net margin of 1.42% and a return on equity of 55.95%. Gogo's revenue was up 67.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.22) EPS. Research analysts anticipate that Gogo will post 0.41 EPS for the current fiscal year.

Insider Activity

In related news, Director Charles C. Townsend acquired 158,591 shares of the business's stock in a transaction dated Thursday, March 12th. The shares were bought at an average price of $4.57 per share, with a total value of $724,760.87. Following the transaction, the director directly owned 418,686 shares of the company's stock, valued at $1,913,395.02. This trade represents a 60.97% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 25.78% of the stock is owned by company insiders.

Institutional Trading of Gogo

Hedge funds have recently bought and sold shares of the business. LB Partners LLC lifted its holdings in Gogo by 30.0% during the third quarter. LB Partners LLC now owns 3,228,979 shares of the technology company's stock worth $27,737,000 after acquiring an additional 745,000 shares during the period. William Blair Investment Management LLC raised its position in Gogo by 6.9% in the third quarter. William Blair Investment Management LLC now owns 6,067,663 shares of the technology company's stock worth $52,121,000 after acquiring an additional 393,830 shares during the period. Hussman Strategic Advisors Inc. bought a new stake in Gogo in the third quarter worth about $2,345,000. Tudor Investment Corp ET AL raised its position in Gogo by 1,095.1% in the third quarter. Tudor Investment Corp ET AL now owns 705,968 shares of the technology company's stock worth $6,064,000 after acquiring an additional 646,894 shares during the period. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Gogo during the 3rd quarter worth approximately $911,000. 69.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on GOGO shares. Morgan Stanley set a $8.00 price target on shares of Gogo in a research report on Friday, January 16th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Gogo in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $12.25.

About Gogo

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo's offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo's ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.

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