Gogo (NASDAQ:GOGO) Shares Up 3.8% After Insider Buying Activity

Gogo Inc. (NASDAQ:GOGO)’s stock price shot up 3.8% during mid-day trading on Tuesday following insider buying activity. The stock traded as high as $6.76 and last traded at $6.72. 510,637 shares traded hands during trading, a decline of 52% from the average session volume of 1,062,952 shares. The stock had previously closed at $6.47.

Specifically, Director Oakleigh Thorne acquired 30,173 shares of Gogo stock in a transaction on Monday, March 17th. The shares were purchased at an average cost of $6.57 per share, with a total value of $198,236.61. Following the completion of the purchase, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on GOGO shares. StockNews.com downgraded Gogo from a “hold” rating to a “sell” rating in a research note on Monday. Roth Mkm cut their target price on Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a research note on Monday.

Gogo Trading Up 2.1 %

The company has a market capitalization of $988.62 million, a price-to-earnings ratio of 18.03 and a beta of 1.01. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07. The company’s fifty day simple moving average is $7.74 and its two-hundred day simple moving average is $7.56.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.03. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The company had revenue of $137.80 million during the quarter, compared to analysts’ expectations of $97.80 million. During the same quarter in the prior year, the company earned $0.11 earnings per share. The business’s quarterly revenue was up 40.9% compared to the same quarter last year. Research analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gogo

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Lazard Asset Management LLC bought a new stake in Gogo during the 4th quarter worth about $43,000. State of Wyoming acquired a new position in shares of Gogo during the 4th quarter worth approximately $57,000. Teza Capital Management LLC bought a new stake in shares of Gogo during the 4th quarter worth approximately $110,000. Hsbc Holdings PLC acquired a new stake in shares of Gogo in the 4th quarter valued at approximately $116,000. Finally, Diametric Capital LP bought a new position in shares of Gogo in the fourth quarter valued at $121,000. Institutional investors and hedge funds own 69.60% of the company’s stock.

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.