Insider Buying: Gogo (NASDAQ:GOGO) Insider Buys 170,000 Shares of Stock

Gogo Inc. (NASDAQ:GOGO) insider Oakleigh Thorne bought 170,000 shares of the stock in a transaction dated Friday, December 12th. The shares were acquired at an average cost of $5.34 per share, for a total transaction of $907,800.00. Following the completion of the acquisition, the insider directly owned 954,098 shares of the company’s stock, valued at approximately $5,094,883.32. This trade represents a 21.68% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Gogo Price Performance

Shares of GOGO stock traded down $0.21 during trading on Tuesday, hitting $4.70. The company had a trading volume of 3,438,833 shares, compared to its average volume of 1,863,827. The firm has a market capitalization of $629.10 million, a P/E ratio of -94.00 and a beta of 0.90. Gogo Inc. has a one year low of $4.67 and a one year high of $16.82. The company has a debt-to-equity ratio of 7.79, a quick ratio of 1.40 and a current ratio of 1.74. The stock’s 50-day moving average price is $7.81 and its 200 day moving average price is $10.86.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.12). The company had revenue of $223.59 million during the quarter, compared to analyst estimates of $222.23 million. Gogo had a negative net margin of 0.65% and a positive return on equity of 71.74%. Gogo’s revenue was up 122.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.08 earnings per share. Equities analysts expect that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GOGO. William Blair cut shares of Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Weiss Ratings restated a “sell (d)” rating on shares of Gogo in a research report on Monday. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $14.83.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. William Blair Investment Management LLC boosted its stake in shares of Gogo by 124.8% in the 2nd quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock valued at $83,292,000 after purchasing an additional 3,149,585 shares in the last quarter. Two Sigma Investments LP increased its position in Gogo by 512.6% during the 3rd quarter. Two Sigma Investments LP now owns 1,218,005 shares of the technology company’s stock worth $10,463,000 after purchasing an additional 1,019,195 shares in the last quarter. Nantahala Capital Management LLC lifted its stake in Gogo by 38.5% in the 1st quarter. Nantahala Capital Management LLC now owns 3,564,797 shares of the technology company’s stock valued at $30,729,000 after purchasing an additional 990,155 shares during the last quarter. Qube Research & Technologies Ltd acquired a new stake in Gogo in the third quarter valued at approximately $6,760,000. Finally, LB Partners LLC grew its stake in shares of Gogo by 30.0% during the third quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock worth $27,737,000 after buying an additional 745,000 shares during the last quarter. Institutional investors and hedge funds own 69.60% of the company’s stock.

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.