Gogo Inc. (NASDAQ:GOGO) Short Interest Down 14.7% in March

Gogo Inc. (NASDAQ:GOGO) saw a large decline in short interest in the month of March. As of March 31st, there was short interest totaling 17,401,885 shares, a decline of 14.7% from the March 15th total of 20,399,601 shares. Currently, 17.4% of the shares of the company are sold short. Based on an average daily volume of 2,201,266 shares, the days-to-cover ratio is currently 7.9 days.

Analyst Upgrades and Downgrades

GOGO has been the topic of a number of research reports. Morgan Stanley set a $8.00 price target on shares of Gogo in a report on Friday, January 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gogo in a report on Friday, March 27th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.25.

Insider Activity at Gogo

In related news, Director Charles C. Townsend purchased 158,591 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average price of $4.57 per share, with a total value of $724,760.87. Following the acquisition, the director owned 418,686 shares of the company’s stock, valued at $1,913,395.02. This trade represents a 60.97% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 25.78% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. LB Partners LLC grew its stake in Gogo by 30.0% in the 3rd quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock valued at $27,737,000 after buying an additional 745,000 shares in the last quarter. William Blair Investment Management LLC grew its stake in Gogo by 6.9% in the 3rd quarter. William Blair Investment Management LLC now owns 6,067,663 shares of the technology company’s stock valued at $52,121,000 after buying an additional 393,830 shares in the last quarter. Hussman Strategic Advisors Inc. purchased a new position in Gogo in the 3rd quarter valued at approximately $2,345,000. Tudor Investment Corp ET AL grew its stake in Gogo by 1,095.1% in the 3rd quarter. Tudor Investment Corp ET AL now owns 705,968 shares of the technology company’s stock valued at $6,064,000 after buying an additional 646,894 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in Gogo in the 3rd quarter valued at approximately $911,000. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

Gogo Stock Performance

Gogo stock traded up $0.13 during mid-day trading on Friday, reaching $4.96. The company’s stock had a trading volume of 1,215,613 shares, compared to its average volume of 2,010,606. Gogo has a 12-month low of $3.85 and a 12-month high of $16.82. The company has a market capitalization of $668.02 million, a P/E ratio of 49.60 and a beta of 1.12. The company has a debt-to-equity ratio of 8.24, a quick ratio of 1.24 and a current ratio of 1.60. The firm’s fifty day moving average price is $4.43 and its two-hundred day moving average price is $5.85.

Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Friday, February 27th. The technology company reported ($0.07) earnings per share 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 business had revenue of $230.56 million during the quarter, compared to analysts’ expectations of $222.65 million. During the same quarter in the prior year, the firm posted ($0.22) earnings per share. The firm’s quarterly revenue was up 67.3% on a year-over-year basis. Sell-side analysts predict that Gogo will post 0.41 EPS for the current fiscal year.

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.