Royce & Associates LP Trims Stake in Gogo Inc. $GOGO

Royce & Associates LP lessened its stake in shares of Gogo Inc. (NASDAQ:GOGO) by 15.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 622,963 shares of the technology company’s stock after selling 112,985 shares during the quarter. Royce & Associates LP’s holdings in Gogo were worth $5,351,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Gogo by 69.6% in the 4th quarter. Brighton Jones LLC now owns 17,000 shares of the technology company’s stock worth $138,000 after acquiring an additional 6,978 shares during the period. AQR Capital Management LLC grew its position in shares of Gogo by 43.4% in the first quarter. AQR Capital Management LLC now owns 47,219 shares of the technology company’s stock valued at $407,000 after purchasing an additional 14,293 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Gogo by 6.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,205 shares of the technology company’s stock valued at $338,000 after purchasing an additional 2,342 shares during the last quarter. Millennium Management LLC lifted its position in Gogo by 439.5% during the first quarter. Millennium Management LLC now owns 709,003 shares of the technology company’s stock worth $6,112,000 after buying an additional 577,575 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Gogo by 23.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 294,173 shares of the technology company’s stock worth $2,536,000 after buying an additional 56,232 shares during the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Gogo Stock Up 8.3%

NASDAQ GOGO opened at $5.24 on Thursday. The company has a quick ratio of 1.24, a current ratio of 1.60 and a debt-to-equity ratio of 8.24. Gogo Inc. has a fifty-two week low of $3.85 and a fifty-two week high of $16.82. The business has a 50 day moving average price of $4.58 and a two-hundred day moving average price of $7.09. The stock has a market cap of $705.72 million, a PE ratio of 52.40 and a beta of 1.07.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Friday, February 27th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). Gogo had a net margin of 1.42% and a return on equity of 55.95%. The firm had revenue of $230.56 million for the quarter, compared to analysts’ expectations of $222.65 million. During the same quarter in the prior year, the business earned ($0.22) EPS. The company’s revenue for the quarter was up 67.3% on a year-over-year basis. As a group, sell-side analysts predict that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Oakleigh Thorne acquired 170,000 shares of the business’s stock in a transaction on Friday, December 12th. The shares were purchased at an average price of $5.34 per share, for a total transaction of $907,800.00. Following the acquisition, the insider directly owned 954,098 shares of the company’s stock, valued at $5,094,883.32. This represents a 21.68% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 25.78% of the stock is owned by corporate insiders.

Analyst Ratings Changes

GOGO has been the topic of several research analyst reports. 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 reiterated a “sell (d)” rating on shares of Gogo in a report on Monday, December 29th. Finally, Morgan Stanley set a $8.00 price target on Gogo in a research report on Friday, January 16th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $12.25.

About Gogo

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.