Gogo Inc. $GOGO Shares Acquired by Renaissance Technologies LLC

Renaissance Technologies LLC increased its stake in Gogo Inc. (NASDAQ:GOGO) by 31.4% in the first quarter, Holdings Channel reports. The institutional investor owned 966,674 shares of the technology company’s stock after acquiring an additional 230,800 shares during the quarter. Renaissance Technologies LLC’s holdings in Gogo were worth $3,886,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in GOGO. Caitong International Asset Management Co. Ltd bought a new position in Gogo during the 4th quarter valued at $27,000. PNC Financial Services Group Inc. increased its position in shares of Gogo by 310.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company’s stock worth $29,000 after purchasing an additional 5,536 shares during the last quarter. State of Wyoming bought a new stake in shares of Gogo in the 1st quarter worth about $34,000. Farther Finance Advisors LLC raised its stake in shares of Gogo by 91,500.0% in the 4th quarter. Farther Finance Advisors LLC now owns 10,076 shares of the technology company’s stock valued at $47,000 after purchasing an additional 10,065 shares in the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Gogo in the 4th quarter valued at about $52,000. 69.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GOGO has been the subject of a number of research reports. Weiss Ratings upgraded Gogo from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday. Wall Street Zen cut Gogo from a “hold” rating to a “sell” rating in a research note on Saturday. Roth Capital reaffirmed a “buy” rating on shares of Gogo in a report on Friday. Finally, Morgan Stanley decreased their target price on Gogo from $8.00 to $7.00 and set an “equal weight” rating for the company in a research report on Thursday, May 21st. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $8.50.

Gogo Stock Down 0.3%

Shares of NASDAQ:GOGO opened at $3.63 on Friday. The company’s fifty day moving average is $3.68 and its two-hundred day moving average is $4.16. The company has a debt-to-equity ratio of 6.74, a quick ratio of 1.27 and a current ratio of 1.73. Gogo Inc. has a 1-year low of $3.02 and a 1-year high of $13.13. The stock has a market capitalization of $490.92 million, a price-to-earnings ratio of 363.00 and a beta of 1.13.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings results on Thursday, August 6th. The technology company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). Gogo had a negative net margin of 0.09% and a positive return on equity of 22.55%. The business had revenue of $222.81 million during the quarter, compared to analyst estimates of $229.35 million. During the same period last year, the firm posted $0.09 earnings per share. The company’s quarterly revenue was down 1.4% on a year-over-year basis. Equities analysts anticipate that Gogo Inc. will post 0.28 EPS for the current year.

About Gogo

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.