Stock Traders Purchase Large Volume of Call Options on Gogo (NASDAQ:GOGO)

Gogo Inc. (NASDAQ:GOGO - Get Free Report) was the target of unusually large options trading activity on Wednesday. Investors bought 8,326 call options on the company. This represents an increase of 151% compared to the average daily volume of 3,312 call options.

Insiders Place Their Bets

In related news, Director (Equity) Holdings Lp Silver sold 8,500,000 shares of the 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 transaction, the director now directly owns 4,174,482 shares of the company's stock, valued at approximately $45,919,302. This represents a 67.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 25.78% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Gogo

A number of large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Gogo by 69.6% in the fourth quarter. Brighton Jones LLC now owns 17,000 shares of the technology company's stock valued at $138,000 after purchasing an additional 6,978 shares in the last quarter. Van ECK Associates Corp increased its holdings in Gogo by 256.1% during the fourth quarter. Van ECK Associates Corp now owns 154,706 shares of the technology company's stock worth $1,252,000 after buying an additional 111,267 shares during the last quarter. Principal Financial Group Inc. raised its position in Gogo by 1.9% during the fourth quarter. Principal Financial Group Inc. now owns 287,890 shares of the technology company's stock worth $2,329,000 after acquiring an additional 5,420 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Gogo by 506.8% in the fourth quarter. Victory Capital Management Inc. now owns 66,323 shares of the technology company's stock valued at $537,000 after acquiring an additional 55,393 shares during the last quarter. Finally, Aigen Investment Management LP bought a new position in shares of Gogo in the 4th quarter valued at about $310,000. Institutional investors own 69.60% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Roth Mkm dropped their price target on Gogo from $15.50 to $13.00 and set a "buy" rating on the stock in a research note on Monday, March 17th. Wall Street Zen upgraded shares of Gogo from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd.

Gogo Stock Up 16.5%

Gogo stock traded up $2.07 during mid-day trading on Wednesday, hitting $14.60. 3,808,047 shares of the company's stock were exchanged, compared to its average volume of 1,380,431. Gogo has a 1-year low of $6.17 and a 1-year high of $15.04. The stock has a 50 day moving average of $9.74 and a two-hundred day moving average of $8.46. The company has a current ratio of 1.84, a quick ratio of 1.36 and a debt-to-equity ratio of 10.03. The stock has a market cap of $1.93 billion, a P/E ratio of -365.43 and a beta of 0.99.

Gogo (NASDAQ:GOGO - Get Free Report) last issued its quarterly earnings results on Friday, May 9th. The technology company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $214.93 million. During the same period in the previous year, the company posted $0.23 earnings per share. The company's quarterly revenue was up 120.8% compared to the same quarter last year. As a group, analysts anticipate that Gogo will post 0.41 EPS for the current fiscal year.

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.

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