Gogo Inc. (NASDAQ:GOGO) Sees Significant Growth in Short Interest

Gogo Inc. (NASDAQ:GOGOGet Free Report) was the target of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 16,750,000 shares, an increase of 8.4% from the October 15th total of 15,450,000 shares. Approximately 27.1% of the shares of the company are sold short. Based on an average trading volume of 1,310,000 shares, the short-interest ratio is presently 12.8 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GOGO. BNP Paribas Financial Markets raised its stake in shares of Gogo by 51.8% during the 1st quarter. BNP Paribas Financial Markets now owns 33,221 shares of the technology company’s stock worth $292,000 after buying an additional 11,333 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Gogo by 12.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock worth $187,000 after buying an additional 2,390 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of Gogo during the 1st quarter worth $221,000. Vanguard Group Inc. raised its stake in shares of Gogo by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 5,748,287 shares of the technology company’s stock worth $50,470,000 after buying an additional 44,340 shares during the last quarter. Finally, Burgundy Asset Management Ltd. raised its stake in shares of Gogo by 27.7% during the 1st quarter. Burgundy Asset Management Ltd. now owns 3,064,421 shares of the technology company’s stock worth $26,906,000 after buying an additional 664,803 shares during the last quarter. Institutional investors and hedge funds own 69.60% of the company’s stock.

Gogo Price Performance

Gogo stock traded up $0.24 during midday trading on Monday, reaching $7.78. The company’s stock had a trading volume of 993,344 shares, compared to its average volume of 1,007,578. Gogo has a fifty-two week low of $6.17 and a fifty-two week high of $11.17. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58. The stock’s 50 day simple moving average is $7.11 and its 200 day simple moving average is $8.46. The firm has a market capitalization of $978.56 million, a PE ratio of 18.09 and a beta of 1.10.

Analyst Upgrades and Downgrades

GOGO has been the subject of several recent research reports. Morgan Stanley decreased their price target on Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, September 3rd. Roth Mkm reissued a “buy” rating and issued a $15.50 target price on shares of Gogo in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. reduced their target price on Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, August 8th.

View Our Latest Research Report on Gogo

About Gogo

(Get Free Report)

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.

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