Renaissance Technologies LLC Raises Stake in Gogo Inc. (NASDAQ:GOGO)

Renaissance Technologies LLC grew its position in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) by 113.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 766,100 shares of the technology company's stock after acquiring an additional 407,800 shares during the quarter. Renaissance Technologies LLC owned 0.61% of Gogo worth $6,198,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. FMR LLC grew its position in Gogo by 138.4% in the 4th quarter. FMR LLC now owns 13,475,009 shares of the technology company's stock worth $109,013,000 after purchasing an additional 7,821,973 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Gogo by 47.8% in the 4th quarter. Wells Fargo & Company MN now owns 38,034 shares of the technology company's stock worth $308,000 after buying an additional 12,309 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its holdings in shares of Gogo by 22.4% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 77,269 shares of the technology company's stock valued at $625,000 after acquiring an additional 14,129 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Gogo by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,499,410 shares of the technology company's stock valued at $12,133,000 after acquiring an additional 7,777 shares in the last quarter. Finally, Diametric Capital LP purchased a new stake in shares of Gogo during the fourth quarter valued at approximately $121,000. Institutional investors own 69.60% of the company's stock.

Gogo Stock Performance

Gogo stock traded up $0.33 during trading on Thursday, hitting $7.30. The stock had a trading volume of 117,253 shares, compared to its average volume of 1,468,264. The stock's 50 day moving average is $7.47 and its two-hundred day moving average is $7.63. Gogo Inc. has a 1 year low of $6.17 and a 1 year high of $11.00. The stock has a market cap of $958.86 million, a price-to-earnings ratio of 16.93 and a beta of 0.60. 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 issued its quarterly earnings results on Friday, March 14th. The technology company reported $0.07 EPS for the quarter, beating analysts' consensus estimates of $0.04 by $0.03. Gogo had a return on equity of 121.96% and a net margin of 13.94%. The firm had revenue of $137.80 million for the quarter, compared to analysts' expectations of $97.80 million. During the same quarter in the prior year, the firm earned $0.11 EPS. The business's revenue for the quarter was up 40.9% compared to the same quarter last year. As a group, analysts predict that Gogo Inc. will post 0.41 EPS for the current year.

Insider Transactions at Gogo

In other Gogo news, Director Oakleigh Thorne acquired 30,173 shares of the business's stock in a transaction that occurred on Monday, March 17th. The stock was bought at an average cost of $6.57 per share, with a total value of $198,236.61. Following the acquisition, the director now owns 711,341 shares in the company, valued at approximately $4,673,510.37. This represents a 4.43 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 26.00% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. StockNews.com lowered Gogo from a "hold" rating to a "sell" rating in a research report on Monday, March 17th. Roth Mkm decreased their price objective on shares of Gogo from $15.50 to $13.00 and set a "buy" rating for the company in a report on Monday, March 17th.

Gogo 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.