Nantahala Capital Management LLC Makes New $26.96 Million Investment in Gogo Inc. $GOGO

Nantahala Capital Management LLC acquired a new stake in Gogo Inc. (NASDAQ:GOGO) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 8,697,731 shares of the technology company’s stock, valued at approximately $26,962,966. Gogo comprises 0.0% of Nantahala Capital Management LLC’s holdings, making the stock its 23rd biggest position. Nantahala Capital Management LLC owned approximately 0.06% of Gogo as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Gogo Trading Down 0.4%

Shares of GOGO stock opened at $2.72 on Friday. The business’s fifty day moving average price is $3.40 and its 200 day moving average price is $3.97. The firm has a market capitalization of $368.59 million, a PE ratio of 272.00 and a beta of 1.13. The company has a debt-to-equity ratio of 6.74, a current ratio of 1.73 and a quick ratio of 1.21. Gogo Inc. has a 1-year low of $2.53 and a 1-year high of $11.19.

Gogo (NASDAQ:GOGO) last released its earnings results on Thursday, August 6th. The technology company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $222.81 million during the quarter, compared to analyst estimates of $229.35 million. Gogo had a negative net margin of 0.09% and a positive return on equity of 22.55%. Gogo’s revenue was down 1.4% compared to the same quarter last year. During the same period last year, the business posted $0.09 EPS. As a group, sell-side analysts forecast that Gogo Inc. will post 0.14 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on GOGO. Zacks Research lowered shares of Gogo from a “hold” rating to a “strong sell” rating in a research note on Friday, August 7th. Wall Street Zen lowered Gogo from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Roth Capital restated a “buy” rating on shares of Gogo in a research report on Friday, August 7th. Morgan Stanley reduced their price objective on Gogo from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, May 21st. Finally, Weiss Ratings cut Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, August 17th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $8.50.

Gogo Profile

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.