Gogo Inc. (NASDAQ:GOGO) Sees Large Increase in Short Interest

Gogo Inc. (NASDAQ:GOGO) was the recipient of a significant growth in short interest in November. As of November 15th, there was short interest totalling 19,080,000 shares, a growth of 13.9% from the October 31st total of 16,750,000 shares. Based on an average trading volume of 1,270,000 shares, the days-to-cover ratio is currently 15.0 days. Approximately 30.9% of the company’s stock are short sold.

Gogo Price Performance

GOGO traded down $0.69 during trading hours on Tuesday, hitting $7.41. The company’s stock had a trading volume of 2,529,550 shares, compared to its average volume of 1,014,514. Gogo has a 12 month low of $6.17 and a 12 month high of $11.17. The company has a current ratio of 3.58, a quick ratio of 2.81 and a debt-to-equity ratio of 11.07. The business’s 50-day moving average price is $7.31 and its 200-day moving average price is $8.31. The stock has a market cap of $931.40 million, a price-to-earnings ratio of 17.47 and a beta of 1.18.

Analyst Upgrades and Downgrades

Several analysts recently commented on GOGO shares. Morgan Stanley cut their price objective on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. cut their target price on Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, Roth Mkm restated a “buy” rating and issued a $15.50 price target on shares of Gogo in a research note on Tuesday, September 17th.

Institutional Trading of Gogo

Several hedge funds have recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Gogo by 0.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 208,356 shares of the technology company’s stock worth $1,496,000 after acquiring an additional 1,714 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Gogo by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 557,732 shares of the technology company’s stock worth $4,005,000 after purchasing an additional 3,181 shares during the period. Texas Permanent School Fund Corp increased its position in shares of Gogo by 7.2% during the 2nd quarter. Texas Permanent School Fund Corp now owns 57,452 shares of the technology company’s stock valued at $553,000 after purchasing an additional 3,845 shares during the last quarter. nVerses Capital LLC bought a new stake in Gogo in the third quarter worth $34,000. Finally, CANADA LIFE ASSURANCE Co boosted its stake in Gogo by 11.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 54,770 shares of the technology company’s stock worth $481,000 after buying an additional 5,688 shares during the period. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

About Gogo

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.