Man Group plc Makes New $721,000 Investment in Gogo Inc. $GOGO

Man Group plc purchased a new stake in Gogo Inc. (NASDAQ:GOGO) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 232,475 shares of the technology company’s stock, valued at approximately $721,000. Man Group plc owned approximately 0.17% of Gogo as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Bank of America Corp DE raised its position in shares of Gogo by 244.1% during the first quarter. Bank of America Corp DE now owns 5,340,615 shares of the technology company’s stock worth $21,469,000 after purchasing an additional 3,788,659 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Gogo by 199.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 486,820 shares of the technology company’s stock worth $1,957,000 after purchasing an additional 324,237 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Gogo in the 2nd quarter worth about $2,193,000. LB Partners LLC raised its holdings in Gogo by 436.0% during the 1st quarter. LB Partners LLC now owns 804,034 shares of the technology company’s stock worth $3,232,000 after buying an additional 654,034 shares during the period. Finally, UBS Group AG raised its holdings in Gogo by 32.5% during the 4th quarter. UBS Group AG now owns 500,807 shares of the technology company’s stock worth $2,334,000 after buying an additional 122,706 shares during the period. Institutional investors and hedge funds own 69.60% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Wall Street Zen cut shares of Gogo from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Zacks Research lowered shares of Gogo from a “hold” rating to a “strong sell” rating in a report on Friday, August 7th. Weiss Ratings cut shares of Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, August 17th. Morgan Stanley cut their target price on shares of Gogo from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 21st. Finally, Roth Capital restated a “buy” rating on shares of Gogo in a report on Friday, August 7th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Gogo has a consensus rating of “Reduce” and a consensus price target of $8.50.

Gogo Price Performance

GOGO opened at $2.65 on Friday. The stock has a market cap of $359.10 million, a price-to-earnings ratio of 265.00 and a beta of 1.03. Gogo Inc. has a 1 year low of $2.45 and a 1 year high of $11.11. The company has a current ratio of 1.73, a quick ratio of 1.21 and a debt-to-equity ratio of 6.74. The stock has a fifty day moving average price of $3.34 and a 200 day moving average price of $3.93.

Gogo (NASDAQ:GOGO) last issued its earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). Gogo had a positive return on equity of 22.55% and a negative net margin of 0.09%.The firm had revenue of $222.81 million during the quarter, compared to analyst estimates of $229.35 million. During the same period in the previous year, the company earned $0.09 earnings per share. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. Analysts forecast that Gogo Inc. will post 0.14 EPS for the current fiscal 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.