Gogo (NASDAQ:GOGO) Shares Up 3.8% Following Insider Buying Activity

Shares of Gogo Inc. (NASDAQ:GOGO) traded up 3.8% during trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as $6.76 and last traded at $6.72. 510,637 shares were traded during mid-day trading, a decline of 52% from the average session volume of 1,062,952 shares. The stock had previously closed at $6.47.

Specifically, Director Oakleigh Thorne purchased 30,173 shares of the business’s stock in a transaction on Monday, March 17th. The stock was acquired at an average price of $6.57 per share, with a total value of $198,236.61. Following the acquisition, the director now directly owns 711,341 shares of the company’s stock, valued at $4,673,510.37. This trade represents a 4.43 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on GOGO shares. Roth Mkm decreased their target price on Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a research report on Monday. StockNews.com cut Gogo from a “hold” rating to a “sell” rating in a research report on Monday.

Gogo Stock Performance

The company has a market cap of $988.62 million, a price-to-earnings ratio of 18.03 and a beta of 1.01. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58. The company has a fifty day moving average of $7.74 and a two-hundred day moving average of $7.56.

Gogo (NASDAQ:GOGO) last released its earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The business had revenue of $137.80 million during the quarter, compared to the consensus estimate of $97.80 million. During the same quarter in the prior year, the firm posted $0.11 EPS. The company’s revenue for the quarter was up 40.9% compared to the same quarter last year. Equities research analysts anticipate that Gogo Inc. will post 0.41 EPS for the current year.

Hedge Funds Weigh In On Gogo

Institutional investors and hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC acquired a new position in shares of Gogo during the 4th quarter valued at $43,000. State of Wyoming bought a new stake in Gogo in the fourth quarter valued at $57,000. Teza Capital Management LLC bought a new stake in Gogo in the fourth quarter valued at $110,000. Hsbc Holdings PLC bought a new position in shares of Gogo during the 4th quarter worth about $116,000. Finally, Diametric Capital LP acquired a new stake in shares of Gogo in the 4th quarter valued at about $121,000. 69.60% of the stock is currently owned by institutional investors.

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.