Gogo (NASDAQ:GOGO) Reaches New 52-Week High - Here's What Happened

Gogo Inc. (NASDAQ:GOGO - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $13.16 and last traded at $12.81, with a volume of 4406096 shares trading hands. The stock had previously closed at $12.12.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Roth Mkm dropped their price target on Gogo from $15.50 to $13.00 and set a "buy" rating for the company in a research note on Monday, March 17th. Wall Street Zen upgraded Gogo from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd.

Gogo Trading Up 2.3%

The company has a market cap of $1.47 billion, a PE ratio of 25.80 and a beta of 0.93. The stock's 50 day moving average is $8.64 and its 200-day moving average is $8.09. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07.

Gogo (NASDAQ:GOGO - Get Free Report) last announced its quarterly earnings results on Friday, May 9th. The technology company reported $0.18 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 quarter last year, the firm earned $0.23 EPS. The firm's revenue for the quarter was up 120.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Gogo Inc. will post 0.41 EPS for the current year.

Insider Activity

In other news, Director Oakleigh Thorne acquired 30,173 shares of the business's stock in a transaction on Monday, March 17th. The shares were acquired at an average price of $6.57 per share, for a total transaction of $198,236.61. Following the completion of the transaction, the director now directly owns 711,341 shares of the company's stock, valued at approximately $4,673,510.37. The trade was a 4.43% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 25.78% of the company's stock.

Hedge Funds Weigh In On Gogo

Several hedge funds have recently added to or reduced their stakes in GOGO. GAMMA Investing LLC boosted its position in shares of Gogo by 532.9% during the first quarter. GAMMA Investing LLC now owns 3,595 shares of the technology company's stock valued at $31,000 after buying an additional 3,027 shares during the period. Lazard Asset Management LLC bought a new stake in shares of Gogo during the fourth quarter worth $43,000. State of Wyoming bought a new stake in shares of Gogo during the fourth quarter worth $57,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Gogo during the first quarter valued at $111,000. Finally, Teza Capital Management LLC bought a new position in shares of Gogo in the fourth quarter worth about $110,000. 69.60% of the stock is currently owned by institutional investors.

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.