Short Interest in Gogo Inc. (GOGO) Grows By 18.5%
Gogo Inc. (NASDAQ:GOGO) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 22,737,373 shares, a growth of 18.5% from the September 15th total of 19,192,947 shares. Based on an average daily volume of 1,572,629 shares, the short-interest ratio is presently 14.5 days. Approximately 40.1% of the shares of the stock are sold short.
In related news, Director Charles C. Townsend acquired 52,867 shares of the business’s stock in a transaction that occurred on Tuesday, August 30th. The stock was purchased at an average cost of $11.84 per share, for a total transaction of $625,945.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Charles C. Townsend acquired 200,000 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The shares were bought at an average price of $10.73 per share, with a total value of $2,146,000.00. The disclosure for this purchase can be found here. Corporate insiders own 37.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc boosted its position in Gogo by 19.2% in the first quarter. Legal & General Group Plc now owns 9,701 shares of the company’s stock valued at $106,000 after buying an additional 1,565 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Gogo during the second quarter worth $143,000. Lazard Asset Management LLC acquired a new stake in shares of Gogo during the first quarter worth $155,000. Fox Run Management L.L.C. acquired a new stake in shares of Gogo during the third quarter worth $209,000. Finally, BlackRock Advisors LLC boosted its stake in shares of Gogo by 5.4% in the second quarter. BlackRock Advisors LLC now owns 26,259 shares of the company’s stock worth $220,000 after buying an additional 1,340 shares during the last quarter. Institutional investors and hedge funds own 74.33% of the company’s stock.
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Several brokerages have weighed in on GOGO. William Blair reiterated an “outperform” rating on shares of Gogo in a report on Friday, September 30th. Zacks Investment Research upgraded Gogo from a “sell” rating to a “hold” rating in a report on Wednesday, September 28th. Standpoint Research upgraded Gogo from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a report on Wednesday, August 31st. JPMorgan Chase & Co. cut their price target on Gogo from $18.00 to $17.00 and set an “overweight” rating for the company in a report on Friday, August 5th. Finally, Morgan Stanley cut their price target on Gogo from $11.00 to $8.00 and set an “underweight” rating for the company in a report on Thursday, July 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $13.60.
Shares of Gogo (NASDAQ:GOGO) opened at 10.75 on Thursday. The stock’s market capitalization is $926.39 million. The stock’s 50 day moving average is $11.82 and its 200 day moving average is $10.35. Gogo has a 52 week low of $7.80 and a 52 week high of $19.61.
Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by $0.11. The company earned $147.50 million during the quarter, compared to the consensus estimate of $141.46 million. Gogo had a negative net margin of 22.95% and a negative return on equity of 204.51%. The company’s revenue was up 21.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.32) earnings per share. Analysts anticipate that Gogo will post ($1.55) EPS for the current fiscal year.
Gogo Company Profile
Gogo Inc is a holding company. The Company is a provider of in-flight connectivity and wireless entertainment solutions for the aviation industry across the world. The Company operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW) and Business Aviation (BA).
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