Gogo (NASDAQ:GOGO) Hits New 1-Year High - Here's Why

Gogo Inc. (NASDAQ:GOGO - Get Free Report) shares hit a new 52-week high on Wednesday . The company traded as high as $16.61 and last traded at $16.54, with a volume of 1304201 shares changing hands. The stock had previously closed at $15.59.

Analyst Ratings Changes

GOGO has been the topic of a number of recent analyst reports. Roth Capital set a $16.50 target price on shares of Gogo and gave the stock a "buy" rating in a report on Wednesday, June 18th. Wall Street Zen upgraded shares of Gogo from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $12.63.

Gogo Stock Performance

The company has a market capitalization of $2.09 billion, a PE ratio of -394.13 and a beta of 1.06. The company has a 50 day moving average of $13.55 and a two-hundred day moving average of $9.85. The company has a debt-to-equity ratio of 10.03, a current ratio of 1.84 and a quick ratio of 1.36.

Gogo (NASDAQ:GOGO - Get Free Report) last announced its quarterly earnings results on Friday, May 9th. The technology company reported $0.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.13. The firm had revenue of $230.31 million for the quarter, compared to the consensus estimate of $214.93 million. Gogo had a positive return on equity of 95.01% and a negative net margin of 0.82%. The company's quarterly revenue was up 120.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.23 earnings per share. As a group, equities research analysts predict that Gogo Inc. will post 0.41 earnings per share for the current year.

Insider Activity at Gogo

In related news, Director (Equity) Holdings Lp Silver sold 8,500,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $11.00, for a total value of $93,500,000.00. Following the sale, the director owned 4,174,482 shares in the company, valued at $45,919,302. This represents a 67.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Begler sold 107,136 shares of the company'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 approximately $216,810. This represents a 88.11% decrease in their position. The disclosure for this sale can be found here. Company insiders own 25.78% of the company's stock.

Institutional Investors Weigh In On Gogo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC lifted its holdings in shares of Gogo by 127.0% during the 2nd quarter. CWM LLC now owns 6,626 shares of the technology company's stock worth $97,000 after acquiring an additional 3,707 shares during the period. USA Financial Formulas acquired a new position in Gogo during the 2nd quarter valued at approximately $76,000. State of Alaska Department of Revenue boosted its position in Gogo by 9.1% during the 2nd quarter. State of Alaska Department of Revenue now owns 35,740 shares of the technology company's stock valued at $524,000 after purchasing an additional 2,984 shares during the period. Baader Bank Aktiengesellschaft acquired a new position in Gogo during the 2nd quarter valued at approximately $147,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Gogo by 23.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 294,173 shares of the technology company's stock valued at $2,536,000 after purchasing an additional 56,232 shares during the period. Institutional investors and hedge funds own 69.60% of the company's stock.

Gogo Company 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.