Gogo Inc (NASDAQ:GOGO) was the recipient of a significant decrease in short interest during the month of September. As of September 28th, there was short interest totalling 34,486,614 shares, a decrease of 4.7% from the September 14th total of 36,201,243 shares. Based on an average trading volume of 1,802,718 shares, the short-interest ratio is currently 19.1 days. Approximately 61.4% of the company’s shares are short sold.
A number of large investors have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC lifted its stake in Gogo by 57.1% during the second quarter. CIBC Private Wealth Group LLC now owns 55,000 shares of the technology company’s stock worth $267,000 after purchasing an additional 20,000 shares in the last quarter. HighPoint Advisor Group LLC acquired a new stake in shares of Gogo in the second quarter valued at $109,000. Northern Trust Corp raised its stake in shares of Gogo by 4.4% in the second quarter. Northern Trust Corp now owns 701,785 shares of the technology company’s stock valued at $3,410,000 after acquiring an additional 29,843 shares in the last quarter. Engineers Gate Manager LP raised its stake in shares of Gogo by 34.8% in the second quarter. Engineers Gate Manager LP now owns 132,288 shares of the technology company’s stock valued at $643,000 after acquiring an additional 34,147 shares in the last quarter. Finally, Arthur M. Cohen & Associates LLC raised its stake in shares of Gogo by 52.8% in the second quarter. Arthur M. Cohen & Associates LLC now owns 159,161 shares of the technology company’s stock valued at $774,000 after acquiring an additional 55,000 shares in the last quarter. Institutional investors own 67.59% of the company’s stock.
GOGO opened at $5.43 on Friday. Gogo has a one year low of $3.52 and a one year high of $11.75. The company has a market capitalization of $453.35 million, a P/E ratio of -2.51 and a beta of 1.13. The company has a debt-to-equity ratio of -4.44, a quick ratio of 1.43 and a current ratio of 2.01.
Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Wednesday, August 8th. The technology company reported ($0.47) EPS for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.27. The business had revenue of $227.50 million during the quarter, compared to analyst estimates of $207.64 million. During the same quarter in the prior year, the company posted ($0.56) earnings per share. The company’s revenue was up 31.7% on a year-over-year basis. As a group, analysts anticipate that Gogo will post -2.16 EPS for the current year.
A number of research firms recently commented on GOGO. BidaskClub cut Gogo from a “hold” rating to a “sell” rating in a report on Thursday, June 28th. ValuEngine cut Gogo from a “hold” rating to a “sell” rating in a report on Thursday, September 13th. William Blair cut Gogo from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 17th. Zacks Investment Research upgraded Gogo from a “sell” rating to a “hold” rating in a report on Tuesday, August 7th. Finally, Raymond James cut Gogo from an “outperform” rating to a “market perform” rating and set a $15.00 price objective on the stock. in a report on Tuesday, July 24th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $8.38.
Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It 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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