Gogo Inc. (NASDAQ:GOGO) Short Interest Update

Gogo Inc. (NASDAQ:GOGO) was the recipient of a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 12,460,000 shares, a growth of 9.5% from the September 15th total of 11,380,000 shares. Approximately 20.0% of the company’s shares are sold short. Based on an average daily volume of 1,020,000 shares, the days-to-cover ratio is currently 12.2 days.

Gogo Trading Up 2.7 %

NASDAQ GOGO traded up $0.19 on Wednesday, reaching $7.32. The stock had a trading volume of 890,575 shares, compared to its average volume of 934,931. The company has a quick ratio of 3.16, a current ratio of 3.95 and a debt-to-equity ratio of 11.25. The stock has a fifty day moving average price of $7.26 and a two-hundred day moving average price of $8.65. Gogo has a 12-month low of $6.17 and a 12-month high of $12.01. The firm has a market capitalization of $930.41 million, a price-to-earnings ratio of 6.26 and a beta of 1.09.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Wednesday, August 7th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.06). Gogo had a net margin of 16.59% and a return on equity of 145.01%. The firm had revenue of $102.10 million during the quarter, compared to analysts’ expectations of $99.02 million. During the same quarter in the prior year, the firm posted $0.20 EPS. Gogo’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Gogo will post 0.35 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Roth Mkm reaffirmed a “buy” rating and set a $15.50 target price on shares of Gogo in a research note on Tuesday, September 17th. Morgan Stanley decreased their price target on Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th.

Institutional Trading of Gogo

Several hedge funds have recently made changes to their positions in GOGO. Burgundy Asset Management Ltd. increased its stake in Gogo by 27.7% during the 1st quarter. Burgundy Asset Management Ltd. now owns 3,064,421 shares of the technology company’s stock worth $26,906,000 after buying an additional 664,803 shares during the period. LB Partners LLC increased its position in shares of Gogo by 31.0% during the first quarter. LB Partners LLC now owns 1,895,606 shares of the technology company’s stock worth $16,643,000 after acquiring an additional 448,918 shares during the period. Select Equity Group L.P. acquired a new stake in shares of Gogo in the second quarter valued at $2,764,000. William Blair Investment Management LLC boosted its holdings in Gogo by 7.9% in the second quarter. William Blair Investment Management LLC now owns 2,073,693 shares of the technology company’s stock valued at $19,949,000 after purchasing an additional 152,338 shares during the period. Finally, Millennium Management LLC grew its stake in Gogo by 19.0% during the 2nd quarter. Millennium Management LLC now owns 814,833 shares of the technology company’s stock worth $7,839,000 after purchasing an additional 130,344 shares in 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.