Gogo (NASDAQ:GOGO) Sees Strong Trading Volume Following Insider Buying Activity

Shares of Gogo Inc. (NASDAQ:GOGO) saw unusually-strong trading volume on Wednesday following insider buying activity. Approximately 995,324 shares were traded during mid-day trading, a decline of 7% from the previous session’s volume of 1,071,956 shares.The stock last traded at $7.31 and had previously closed at $6.93.

Specifically, Director Oakleigh Thorne acquired 30,173 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was bought at an average price of $6.57 per share, with a total value of $198,236.61. Following the purchase, the director now directly owns 711,341 shares in the company, valued at $4,673,510.37. The trade was a 4.43 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Wall Street Analyst Weigh In

GOGO has been the subject of a number of research analyst reports. StockNews.com downgraded shares of Gogo from a “hold” rating to a “sell” rating in a research report on Monday. Roth Mkm dropped their target price on shares of Gogo from $15.50 to $13.00 and set a “buy” rating for the company in a research report on Monday.

Gogo Stock Performance

The stock’s 50-day moving average is $7.74 and its 200-day moving average is $7.56. The stock has a market cap of $918.82 million, a price-to-earnings ratio of 16.94 and a beta of 1.01. The company has a current ratio of 3.58, a quick ratio of 2.81 and a debt-to-equity ratio of 11.07.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. The firm had revenue of $137.80 million during the quarter, compared to analysts’ expectations of $97.80 million. Gogo had a return on equity of 121.96% and a net margin of 13.94%. Gogo’s quarterly revenue was up 40.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.11 EPS. On average, analysts expect 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 bought and sold shares of the stock. Barclays PLC boosted its holdings in Gogo by 357.5% in the 3rd quarter. Barclays PLC now owns 109,959 shares of the technology company’s stock worth $789,000 after acquiring an additional 85,925 shares during the period. Van ECK Associates Corp boosted its holdings in Gogo by 256.1% in the 4th quarter. Van ECK Associates Corp now owns 154,706 shares of the technology company’s stock worth $1,252,000 after acquiring an additional 111,267 shares during the period. State Street Corp boosted its holdings in Gogo by 2.1% in the 3rd quarter. State Street Corp now owns 2,461,691 shares of the technology company’s stock worth $17,675,000 after acquiring an additional 51,681 shares during the period. FMR LLC boosted its holdings in Gogo by 13.5% in the 3rd quarter. FMR LLC now owns 5,653,036 shares of the technology company’s stock worth $40,589,000 after acquiring an additional 673,315 shares during the period. Finally, Dynamic Technology Lab Private Ltd boosted its stake in shares of Gogo by 612.1% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 253,114 shares of the technology company’s stock valued at $1,817,000 after buying an additional 217,570 shares during the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

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.