Investors Purchase Large Volume of Put Options on Gogo (NASDAQ:GOGO)

Gogo Inc. (NASDAQ:GOGO) saw unusually large options trading on Wednesday. Stock investors purchased 15,019 put options on the company. This represents an increase of 661% compared to the average daily volume of 1,974 put options.

Analysts Set New Price Targets

Several research firms have recently weighed in on GOGO. Roth Mkm decreased their target price on Gogo from $15.50 to $13.00 and set a “buy” rating for the company in a research report on Monday. StockNews.com downgraded Gogo from a “hold” rating to a “sell” rating in a research report on Monday.

Insider Buying and Selling

In related news, Director Oakleigh Thorne purchased 30,173 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was bought at an average cost of $6.57 per share, for a total transaction of $198,236.61. Following the completion of the transaction, the director now directly owns 711,341 shares in the company, valued at $4,673,510.37. This represents a 4.43 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 26.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Gogo

A number of institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Gogo by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,863 shares of the technology company’s stock worth $298,000 after purchasing an additional 1,273 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Gogo by 0.6% during the fourth quarter. Nuveen Asset Management LLC now owns 223,317 shares of the technology company’s stock worth $1,807,000 after purchasing an additional 1,373 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of 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 purchasing an additional 1,714 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Gogo by 0.6% during the third 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. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Gogo by 8.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 62,032 shares of the technology company’s stock valued at $502,000 after acquiring an additional 5,078 shares during the period. Institutional investors and hedge funds own 69.60% of the company’s stock.

Gogo Price Performance

Shares of GOGO stock opened at $7.72 on Friday. Gogo has a fifty-two week low of $6.17 and a fifty-two week high of $11.00. The firm has a market capitalization of $971.01 million, a price-to-earnings ratio of 17.95 and a beta of 1.01. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58. The stock’s 50-day simple moving average is $7.75 and its 200-day simple moving average is $7.56.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. Gogo had a return on equity of 121.96% and a net margin of 13.94%. The business had revenue of $137.80 million for the quarter, compared to analyst estimates of $97.80 million. During the same quarter in the previous year, the firm earned $0.11 earnings per share. The company’s revenue was up 40.9% on a year-over-year basis. As a group, equities analysts forecast that Gogo will post 0.41 earnings per share for the current fiscal year.

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.