Insider Selling: Niels Steenstrup Sells 1,674 Shares of Gogo Stock (GOGO)
Gogo (NASDAQ:GOGO) SVP Niels Steenstrup sold 1,674 shares of the stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $17.50, for a total transaction of $29,295.00. Following the sale, the senior vice president now directly owns 7,675 shares in the company, valued at approximately $134,313. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
A number of analysts have recently weighed in on GOGO shares. Analysts at JPMorgan Chase & Co. cut their price target on shares of Gogo from $28.00 to $23.00 in a research note on Tuesday, April 29th. They now have an “overweight” rating on the stock.
Shares of Gogo (NASDAQ:GOGO) traded down 3.11% on Friday, hitting $18.09. 4,167,515 shares of the company’s stock traded hands. Gogo has a 52 week low of $1.417 and a 52 week high of $35.77. The stock has a 50-day moving average of $15.65 and a 200-day moving average of $21.84. The company’s market cap is $1.538 billion. Gogo also was the recipient of a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 12,052,284 shares, a decline of 10.7% from the April 30th total of 13,491,167 shares. Based on an average daily trading volume, of 3,625,250 shares, the short-interest ratio is currently 3.3 days. Approximately 24.0% of the shares of the stock are short sold.
Gogo (NASDAQ:GOGO) last released its earnings data on Monday, May 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.05. The company had revenue of $95.70 million for the quarter, compared to the consensus estimate of $94.58 million. The company’s revenue for the quarter was up 35.2% on a year-over-year basis. Analysts expect that Gogo will post $-0.91 EPS for the current fiscal year.
Gogo Inc is a holding company. The Company operates through its two operating subsidiaries, Gogo LLC and Aircell Business Aviation Services LLC.
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