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Gogo Inc (NASDAQ:GOGO) Sees Significant Increase in Short Interest

Last updated on Friday, September 18, 2020 | 2020 MarketBeat

Gogo Inc (NASDAQ:GOGO) saw a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 20,400,000 shares, a growth of 10.7% from the August 15th total of 18,430,000 shares. Approximately 38.5% of the company's stock are short sold. Based on an average daily volume of 5,870,000 shares, the days-to-cover ratio is currently 3.5 days.

GOGO has been the topic of a number of recent analyst reports. BidaskClub raised shares of Gogo from a "buy" rating to a "strong-buy" rating in a report on Friday, August 28th. Cowen downgraded shares of Gogo from an "outperform" rating to a "market perform" rating and raised their price target for the company from $5.00 to $10.00 in a report on Wednesday, September 9th. Zacks Investment Research raised shares of Gogo from a "sell" rating to a "hold" rating in a report on Friday, September 11th. Northland Securities reaffirmed a "hold" rating and set a $4.00 price target on shares of Gogo in a report on Monday, August 10th. Finally, Roth Capital raised their price target on shares of Gogo from $8.00 to $10.00 and gave the company a "buy" rating in a report on Tuesday, September 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Gogo presently has a consensus rating of "Buy" and an average target price of $6.25.

In related news, EVP Marguerite M. Elias sold 18,371 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $9.52, for a total transaction of $174,891.92. Following the sale, the executive vice president now directly owns 44,848 shares of the company's stock, valued at approximately $426,952.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder (Equity) Holdings Lp Silver acquired 2,606,359 shares of the business's stock in a transaction that occurred on Friday, September 4th. The shares were purchased at an average cost of $10.14 per share, for a total transaction of $26,428,480.26. The disclosure for this purchase can be found here. Corporate insiders own 40.00% of the company's stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Arizona State Retirement System bought a new stake in Gogo during the 1st quarter worth approximately $29,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in Gogo during the 2nd quarter worth approximately $32,000. XTX Markets LLC bought a new stake in Gogo during the 2nd quarter worth approximately $34,000. RFG Advisory LLC bought a new stake in Gogo during the 2nd quarter worth approximately $35,000. Finally, Stifel Financial Corp bought a new stake in Gogo during the 2nd quarter worth approximately $37,000. Institutional investors own 48.58% of the company's stock.

Shares of GOGO traded down $0.10 on Friday, reaching $10.02. The company's stock had a trading volume of 83,770 shares, compared to its average volume of 3,808,844. The stock has a market capitalization of $860.85 million, a P/E ratio of -3.90 and a beta of 1.58. The stock's 50 day simple moving average is $5.58 and its two-hundred day simple moving average is $3.26. Gogo has a 12-month low of $1.33 and a 12-month high of $11.60.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Monday, August 10th. The technology company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.16). The company had revenue of $96.60 million for the quarter, compared to the consensus estimate of $90.34 million. The company's revenue was down 54.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.04) earnings per share. As a group, research analysts expect that Gogo will post -3.03 earnings per share for the current year.

Gogo Company Profile

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA).

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