Traders Buy Large Volume of Gogo Call Options (NASDAQ:GOGO)

Gogo Inc. (NASDAQ:GOGO) saw some unusual options trading on Wednesday. Investors purchased 17,012 call options on the company. This represents an increase of 1,049% compared to the average daily volume of 1,480 call options.

Wall Street Analysts Forecast Growth

GOGO has been the subject of a number of analyst reports. Morgan Stanley reduced their price objective on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 3rd. Roth Mkm reissued a “buy” rating and set a $15.50 target price on shares of Gogo in a research note on Tuesday, September 17th.

Gogo Price Performance

GOGO stock traded up $0.09 during mid-day trading on Wednesday, hitting $8.10. The company had a trading volume of 181,088 shares, compared to its average volume of 1,014,162. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 18.63 and a beta of 1.18. The company has a 50-day moving average price of $7.55 and a 200 day moving average price of $8.09. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07. Gogo has a 12-month low of $6.17 and a 12-month high of $11.17.

Institutional Investors Weigh In On Gogo

A number of hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in Gogo in the 2nd quarter worth approximately $109,000. Bank of New York Mellon Corp increased its position in Gogo by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 675,845 shares of the technology company’s stock worth $6,502,000 after purchasing an additional 24,665 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Gogo by 67.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,285 shares of the technology company’s stock valued at $166,000 after purchasing an additional 6,941 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in Gogo during the second quarter valued at $757,000. Finally, Texas Permanent School Fund Corp grew its stake in shares of Gogo by 7.2% in the 2nd quarter. Texas Permanent School Fund Corp now owns 57,452 shares of the technology company’s stock worth $553,000 after buying an additional 3,845 shares in the last quarter. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

Gogo Company Profile

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.