Insider Buying: Gogo Inc. (NASDAQ:GOGO) CEO Purchases 10,000 Shares of Stock

Key Points

• CEO Christopher John Moore of Gogo Inc. purchased 10,000 shares of the company's stock on August 8th at an average price of $12.11 per share, totaling $121,100.
• Gogo Inc. reported a 121.4% year-over-year increase in revenue for the last quarter, amounting to $226.04 million, while earnings per share were $0.13, exceeding analyst expectations.
• Institutional investors currently own 69.60% of Gogo's stock, with several firms, including GAMMA Investing LLC, significantly increasing their stakes in the company.

Gogo Inc. (NASDAQ:GOGO - Get Free Report) CEO Christopher John Moore acquired 10,000 shares of Gogo stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $12.11 per share, with a total value of $121,100.00. Following the completion of the transaction, the chief executive officer directly owned 10,000 shares of the company's stock, valued at $121,100. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Gogo Trading Up 0.2%

GOGO traded up $0.03 during midday trading on Monday, reaching $12.22. 1,820,198 shares of the company were exchanged, compared to its average volume of 1,703,241. Gogo Inc. has a one year low of $6.17 and a one year high of $16.82. The company has a debt-to-equity ratio of 8.10, a quick ratio of 1.32 and a current ratio of 1.71. The stock has a market capitalization of $1.63 billion, a P/E ratio of 305.50 and a beta of 1.11. The stock's 50-day simple moving average is $14.35 and its 200 day simple moving average is $10.45.

Gogo (NASDAQ:GOGO - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The technology company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.01. Gogo had a return on equity of 88.04% and a net margin of 1.05%. The business had revenue of $226.04 million for the quarter, compared to analysts' expectations of $220.12 million. During the same quarter in the previous year, the business posted $0.01 EPS. Gogo's revenue for the quarter was up 121.4% on a year-over-year basis. As a group, analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gogo

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Gogo by 532.9% in the 1st quarter. GAMMA Investing LLC now owns 3,595 shares of the technology company's stock valued at $31,000 after acquiring an additional 3,027 shares in the last quarter. Lazard Asset Management LLC acquired a new position in shares of Gogo during the 4th quarter worth approximately $43,000. State of Wyoming acquired a new position in shares of Gogo during the 4th quarter worth approximately $57,000. USA Financial Formulas acquired a new position in Gogo in the 2nd quarter valued at $76,000. Finally, CWM LLC grew its holdings in Gogo by 127.0% in the 2nd quarter. CWM LLC now owns 6,626 shares of the technology company's stock valued at $97,000 after buying an additional 3,707 shares in the last quarter. Institutional investors own 69.60% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on GOGO shares. Roth Capital set a $16.50 price objective on Gogo and gave the company a "buy" rating in a report on Wednesday, June 18th. Wall Street Zen lowered Gogo from a "buy" rating to a "hold" rating in a research report on Saturday.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.