Gogo (NASDAQ:GOGO) Reaches New 12-Month High Following Strong Earnings

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

The technology company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.05 by $0.13. The business had revenue of $230.31 million for the quarter, compared to the consensus estimate of $214.93 million. Gogo had a return on equity of 121.96% and a net margin of 13.94%. The company's revenue was up 120.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.23 EPS.

Analyst Ratings Changes

A number of equities analysts have recently commented on GOGO shares. Roth Mkm dropped their target price on Gogo from $15.50 to $13.00 and set a "buy" rating for the company in a report on Monday, March 17th. StockNews.com upgraded Gogo from a "sell" rating to a "hold" rating in a report on Monday, May 12th.

Insider Activity at Gogo

In other Gogo news, Director Oakleigh Thorne acquired 30,173 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was bought at an average price of $6.57 per share, for a total transaction of $198,236.61. Following the acquisition, the director now directly owns 711,341 shares in the company, valued at $4,673,510.37. The trade was a 4.43% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 26.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Gogo

A number of large investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Gogo by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,863 shares of the technology company's stock valued at $298,000 after acquiring an additional 1,273 shares during the period. Nuveen Asset Management LLC boosted its holdings in Gogo by 0.6% during the 4th quarter. Nuveen Asset Management LLC now owns 223,317 shares of the technology company's stock valued at $1,807,000 after acquiring an additional 1,373 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of Gogo by 6.9% in the 1st quarter. MetLife Investment Management LLC now owns 38,698 shares of the technology company's stock worth $334,000 after buying an additional 2,482 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Gogo by 532.9% in the 1st quarter. GAMMA Investing LLC now owns 3,595 shares of the technology company's stock worth $31,000 after buying an additional 3,027 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Gogo by 8.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 62,032 shares of the technology company's stock worth $502,000 after buying an additional 5,078 shares during the period. Hedge funds and other institutional investors own 69.60% of the company's stock.

Gogo Stock Up 3.0%

The firm has a market capitalization of $1.66 billion, a PE ratio of 29.21 and a beta of 0.93. The company has a fifty day simple moving average of $8.05 and a two-hundred day simple moving average of $7.89. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58.

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.