Gogo (NASDAQ:GOGO) Shares Gap Up After Better-Than-Expected Earnings

Gogo Inc. (NASDAQ:GOGO)’s share price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $7.57, but opened at $9.55. Gogo shares last traded at $11.08, with a volume of 154,676 shares changing hands.

The technology company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.13. The firm had revenue of $230.31 million during the quarter, compared to analysts’ expectations of $214.93 million. Gogo had a net margin of 13.94% and a return on equity of 121.96%. Gogo’s quarterly revenue was up 120.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.23 EPS.

Analysts Set New Price Targets

Several research analysts have weighed in on GOGO shares. StockNews.com downgraded Gogo from a “hold” rating to a “sell” rating in a research note on Monday, March 17th. Roth Mkm cut their price objective on shares of Gogo from $15.50 to $13.00 and set a “buy” rating for the company in a research report on Monday, March 17th.

Insider Activity at Gogo

In other Gogo news, Director Oakleigh Thorne bought 30,173 shares of Gogo stock in a transaction on 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 completion of the acquisition, the director now owns 711,341 shares in the company, valued at $4,673,510.37. The trade was a 4.43 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 26.00% of the company’s stock.

Hedge Funds Weigh In On Gogo

A number of large investors have recently made changes to their positions in GOGO. GAMMA Investing LLC increased its holdings in Gogo by 532.9% in the first quarter. GAMMA Investing LLC now owns 3,595 shares of the technology company’s stock valued at $31,000 after buying an additional 3,027 shares in the last quarter. Lazard Asset Management LLC purchased a new position in Gogo in the 4th quarter valued at approximately $43,000. State of Wyoming acquired a new position in Gogo during the fourth quarter worth $57,000. Teza Capital Management LLC purchased a new stake in Gogo during the fourth quarter worth $110,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Gogo in the first quarter valued at $111,000. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Gogo Trading Up 45.0 %

The firm has a market cap of $1.45 billion, a PE ratio of 25.53 and a beta of 0.93. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81. The business has a 50-day moving average price of $7.52 and a two-hundred day moving average price of $7.72.

Gogo Company Profile

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.