Gogo (NASDAQ:GOGO) Director Charles Townsend Purchases 91,409 Shares

Gogo Inc. (NASDAQ:GOGO) Director Charles Townsend purchased 91,409 shares of Gogo stock in a transaction that occurred on Wednesday, March 11th. The shares were bought at an average cost of $4.54 per share, for a total transaction of $414,996.86. Following the completion of the transaction, the director directly owned 260,095 shares in the company, valued at $1,180,831.30. This represents a 54.19% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Gogo Stock Down 4.0%

Shares of GOGO traded down $0.18 during trading on Friday, reaching $4.31. The company’s stock had a trading volume of 2,698,275 shares, compared to its average volume of 2,073,282. The company has a quick ratio of 1.24, a current ratio of 1.60 and a debt-to-equity ratio of 8.24. The company has a fifty day moving average of $4.60 and a two-hundred day moving average of $6.79. The company has a market cap of $580.47 million, a price-to-earnings ratio of 43.10 and a beta of 1.07. Gogo Inc. has a twelve month low of $3.85 and a twelve month high of $16.82.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Friday, February 27th. The technology company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). The firm had revenue of $230.56 million during the quarter, compared to the consensus estimate of $222.65 million. Gogo had a net margin of 1.42% and a return on equity of 55.95%. Gogo’s revenue was up 67.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.22) earnings per share. On average, sell-side analysts predict that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Gogo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. LB Partners LLC lifted its position in shares of Gogo by 30.0% during the third quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock worth $27,737,000 after purchasing an additional 745,000 shares in the last quarter. William Blair Investment Management LLC grew its stake in shares of Gogo by 6.9% during the third quarter. William Blair Investment Management LLC now owns 6,067,663 shares of the technology company’s stock worth $52,121,000 after purchasing an additional 393,830 shares during the period. Hussman Strategic Advisors Inc. bought a new stake in shares of Gogo in the 3rd quarter valued at about $2,345,000. XTX Topco Ltd bought a new stake in Gogo in the second quarter valued at approximately $1,018,000. Finally, Quantbot Technologies LP acquired a new stake in Gogo during the 2nd quarter worth $2,684,000. 69.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on GOGO. William Blair cut Gogo from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Gogo in a research report on Monday, December 29th. Finally, Morgan Stanley set a $8.00 target price on Gogo in a research note on Friday, January 16th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Gogo presently has an average rating of “Hold” and a consensus price target of $12.25.

Gogo Company Profile

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.