Gogo (NASDAQ:GOGO) Sees Large Volume Increase Following Insider Buying Activity

Gogo Inc. (NASDAQ:GOGO) shares saw an uptick in trading volume on Wednesday following insider buying activity. 995,324 shares were traded during trading, a decline of 7% from the previous session’s volume of 1,071,956 shares.The stock last traded at $7.31 and had previously closed at $6.93.

Specifically, Director Oakleigh Thorne acquired 30,173 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were purchased at an average cost of $6.57 per share, for a total transaction of $198,236.61. Following the transaction, the director now directly owns 711,341 shares in the company, valued at approximately $4,673,510.37. This represents a 4.43 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on GOGO. StockNews.com lowered shares of Gogo from a “hold” rating to a “sell” rating in a research report on Monday. Roth Mkm lowered their price objective on shares of Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a research report on Monday.

Gogo Stock Up 5.4 %

The company has a market capitalization of $918.82 million, a PE ratio of 16.94 and a beta of 1.01. The firm’s 50-day simple moving average is $7.74 and its 200 day simple moving average is $7.56. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58.

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

Institutional Investors Weigh In On Gogo

Several institutional investors have recently made changes to their positions in GOGO. PharVision Advisers LLC acquired a new position in shares of Gogo during the 4th quarter valued at about $746,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Gogo by 14.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 237,941 shares of the technology company’s stock valued at $1,925,000 after acquiring an additional 29,585 shares during the last quarter. Voloridge Investment Management LLC increased its stake in shares of Gogo by 76.1% during the 4th quarter. Voloridge Investment Management LLC now owns 581,706 shares of the technology company’s stock valued at $4,706,000 after acquiring an additional 251,348 shares during the last quarter. Squarepoint Ops LLC increased its stake in shares of Gogo by 222.0% during the 4th quarter. Squarepoint Ops LLC now owns 30,506 shares of the technology company’s stock valued at $247,000 after acquiring an additional 55,506 shares during the last quarter. Finally, Two Sigma Investments LP increased its stake in shares of Gogo by 50.1% during the 4th quarter. Two Sigma Investments LP now owns 101,778 shares of the technology company’s stock valued at $823,000 after acquiring an additional 33,960 shares during the last quarter. 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.