Gogo (NASDAQ:GOGO) Reaches New 12-Month High - Here's What Happened

Shares of Gogo Inc. (NASDAQ:GOGO - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $16.17 and last traded at $16.07, with a volume of 870735 shares traded. The stock had previously closed at $15.87.

Analyst Ratings Changes

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

Gogo Stock Performance

The firm has a market cap of $2.13 billion, a PE ratio of -401.75 and a beta of 1.06. The company has a 50 day simple moving average of $13.15 and a 200-day simple moving average of $9.58. 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 released its quarterly earnings data on Friday, May 9th. The technology company reported $0.18 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.13. Gogo had a positive return on equity of 95.01% and a negative net margin of 0.82%. The firm had revenue of $230.31 million during the quarter, compared to analyst estimates of $214.93 million. During the same quarter in the prior year, the firm posted $0.23 earnings per share. The business's quarterly revenue was up 120.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Gogo Inc. will post 0.41 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Michael Begler sold 107,136 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was 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 of the company's stock, valued at $216,810. This trade represents a 88.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director (Equity) Holdings Lp Silver sold 8,500,000 shares of the firm's stock in a transaction 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 completion of the sale, the director directly owned 4,174,482 shares of the company's stock, valued at $45,919,302. The trade was a 67.06% decrease in their position. The disclosure for this sale can be found here. Company insiders own 25.78% of the company's stock.

Hedge Funds Weigh In On Gogo

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in Gogo by 532.9% in the first 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 in the last quarter. Lazard Asset Management LLC bought a new position in Gogo in the fourth quarter worth $43,000. State of Wyoming bought a new position in Gogo in the fourth quarter worth $57,000. Teza Capital Management LLC bought a new position in Gogo in the fourth quarter worth $110,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Gogo in the first quarter worth $111,000. Institutional investors 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.

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