Point72 Asia Singapore Pte. Ltd. Takes $107,000 Position in Gogo Inc. (NASDAQ:GOGO)

Point72 Asia Singapore Pte. Ltd. acquired a new position in Gogo Inc. (NASDAQ:GOGO) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 11,165 shares of the technology company’s stock, valued at approximately $107,000.

Several other institutional investors have also recently made changes to their positions in the business. Squarepoint Ops LLC bought a new position in Gogo in the 2nd quarter worth approximately $503,000. Point72 DIFC Ltd bought a new position in shares of Gogo during the second quarter worth $117,000. Public Sector Pension Investment Board grew its stake in Gogo by 4.6% during the second quarter. Public Sector Pension Investment Board now owns 134,206 shares of the technology company’s stock valued at $1,291,000 after acquiring an additional 5,869 shares in the last quarter. Burgundy Asset Management Ltd. increased its holdings in Gogo by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 3,108,226 shares of the technology company’s stock valued at $29,901,000 after acquiring an additional 43,805 shares during the last quarter. Finally, Capco Asset Management LLC lifted its stake in Gogo by 1.7% in the 2nd quarter. Capco Asset Management LLC now owns 2,479,974 shares of the technology company’s stock worth $23,857,000 after purchasing an additional 41,866 shares in the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GOGO. Morgan Stanley cut their price objective on Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 3rd. Roth Mkm restated a “buy” rating and set a $15.50 price target on shares of Gogo in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. decreased their price objective on Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th.

Gogo Trading Up 5.1 %

GOGO opened at $7.24 on Friday. The stock has a 50-day moving average of $7.81 and a 200 day moving average of $8.82. The company has a current ratio of 3.95, a quick ratio of 3.16 and a debt-to-equity ratio of 11.25. Gogo Inc. has a 12 month low of $6.61 and a 12 month high of $12.15. The firm has a market cap of $920.24 million, a P/E ratio of 6.19 and a beta of 1.11.

Gogo (NASDAQ:GOGO) last released its earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.06). The company had revenue of $102.10 million for the quarter, compared to the consensus estimate of $99.02 million. Gogo had a net margin of 16.59% and a return on equity of 145.01%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.20 EPS. As a group, research analysts forecast that Gogo Inc. will post 0.35 EPS for the current 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.