Gogo Inc (NASDAQ:GOGO) Short Interest Update

Gogo Inc (NASDAQ:GOGO) was the recipient of a large decline in short interest in the month of November. As of November 29th, there was short interest totalling 31,850,000 shares, a decline of 9.5% from the November 14th total of 35,210,000 shares. Currently, 58.7% of the company’s shares are sold short. Based on an average trading volume of 1,868,200 shares, the short-interest ratio is presently 17.0 days.

GOGO has been the subject of a number of analyst reports. William Blair reaffirmed a “buy” rating on shares of Gogo in a report on Monday, September 23rd. ValuEngine lowered shares of Gogo from a “sell” rating to a “strong sell” rating in a report on Tuesday, December 3rd. Zacks Investment Research lowered shares of Gogo from a “buy” rating to a “hold” rating in a report on Wednesday, November 13th. Finally, BidaskClub raised shares of Gogo from a “sell” rating to a “hold” rating in a report on Thursday, December 5th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $6.44.

In other Gogo news, CAO Michael P. Bayer sold 10,947 shares of Gogo stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $6.45, for a total transaction of $70,608.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 41.50% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the company. AXA acquired a new position in shares of Gogo in the 2nd quarter valued at $128,000. Coatue Management LLC acquired a new position in shares of Gogo in the 2nd quarter valued at $44,000. Tenzing Global Management LLC grew its holdings in shares of Gogo by 34.8% in the 3rd quarter. Tenzing Global Management LLC now owns 2,325,000 shares of the technology company’s stock valued at $14,020,000 after buying an additional 600,000 shares during the period. GSA Capital Partners LLP acquired a new position in shares of Gogo in the 2nd quarter valued at $418,000. Finally, Bank of America Corp DE grew its holdings in shares of Gogo by 28.6% in the 2nd quarter. Bank of America Corp DE now owns 2,112,864 shares of the technology company’s stock valued at $8,410,000 after buying an additional 469,268 shares during the period. 62.94% of the stock is owned by institutional investors.

Shares of GOGO stock traded up $0.12 on Friday, hitting $5.58. The stock had a trading volume of 1,007,496 shares, compared to its average volume of 1,232,602. Gogo has a twelve month low of $2.64 and a twelve month high of $7.23. The firm has a market cap of $481.34 million, a P/E ratio of -3.05 and a beta of 0.99. The company has a fifty day moving average price of $5.76 and a two-hundred day moving average price of $5.05.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.57) by $0.29. The firm had revenue of $201.18 million during the quarter, compared to analyst estimates of $206.07 million. During the same period last year, the firm earned ($0.47) EPS. Gogo’s quarterly revenue was down 7.4% on a year-over-year basis. Research analysts expect that Gogo will post -1.59 earnings per share for the current year.

About Gogo

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA).

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