Gogo (NASDAQ:GOGO) Hits New 1-Year High After Earnings Beat

Gogo Inc. (NASDAQ:GOGO - Get Free Report)'s share price reached a new 52-week high during trading on Monday following a better than expected earnings announcement. The stock traded as high as $12.33 and last traded at $12.28, with a volume of 1087716 shares changing hands. The stock had previously closed at $11.00.

The technology company reported $0.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.13. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The firm 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 firm earned $0.23 earnings per share. Gogo's revenue was up 120.8% compared to the same quarter last year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GOGO. Roth Mkm decreased their price target on shares of Gogo from $15.50 to $13.00 and set a "buy" rating for the company in a research report on Monday, March 17th. StockNews.com lowered Gogo from a "hold" rating to a "sell" rating in a research note on Monday, March 17th.

Insider Activity at Gogo

In related news, Director Oakleigh Thorne bought 30,173 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were acquired at an average cost of $6.57 per share, for a total transaction of $198,236.61. Following the acquisition, the director now owns 711,341 shares in the company, valued at $4,673,510.37. This represents a 4.43% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 26.00% of the company's stock.

Institutional Investors Weigh In On Gogo

Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its holdings in Gogo by 532.9% during the 1st quarter. GAMMA Investing LLC now owns 3,595 shares of the technology company's stock worth $31,000 after purchasing an additional 3,027 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in Gogo during the 4th quarter worth approximately $43,000. State of Wyoming purchased a new stake in Gogo during the 4th quarter worth approximately $57,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Gogo during the 1st quarter worth approximately $111,000. Finally, Teza Capital Management LLC purchased a new stake in Gogo during the 4th quarter worth approximately $110,000. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

Gogo Stock Up 12.4%

The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58. The firm has a fifty day simple moving average of $7.52 and a 200-day simple moving average of $7.73. The company has a market capitalization of $1.64 billion, a PE ratio of 28.76 and a beta of 0.93.

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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