Gogo Inc. (NASDAQ:GOGO) Sees Significant Growth in Short Interest

Gogo Inc. (NASDAQ:GOGO) was the recipient of a large increase in short interest in October. As of October 31st, there was short interest totalling 16,750,000 shares, an increase of 8.4% from the October 15th total of 15,450,000 shares. Based on an average daily volume of 1,310,000 shares, the days-to-cover ratio is presently 12.8 days. Currently, 27.1% of the shares of the stock are sold short.

Hedge Funds Weigh In On Gogo

Hedge funds and other institutional investors have recently modified their holdings of the company. nVerses Capital LLC acquired a new position in shares of Gogo in the 3rd quarter valued at about $34,000. Brighton Jones LLC acquired a new position in shares of Gogo in the 3rd quarter valued at about $72,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Gogo in the 2nd quarter valued at about $107,000. AQR Capital Management LLC acquired a new position in shares of Gogo in the 2nd quarter valued at about $108,000. Finally, SG Americas Securities LLC acquired a new position in shares of Gogo in the 2nd quarter valued at about $109,000. 69.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GOGO has been the subject of several recent analyst reports. Morgan Stanley lowered their price target on Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, September 3rd. JPMorgan Chase & Co. lowered their price target on Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Finally, Roth Mkm restated a “buy” rating and issued a $15.50 price target on shares of Gogo in a report on Tuesday, September 17th.

Gogo Trading Up 3.2 %

GOGO traded up $0.24 during midday trading on Monday, hitting $7.78. The company’s stock had a trading volume of 993,344 shares, compared to its average volume of 1,007,578. The company has a current ratio of 3.58, a quick ratio of 2.81 and a debt-to-equity ratio of 11.07. The firm has a market cap of $978.56 million, a P/E ratio of 18.09 and a beta of 1.10. The firm has a 50-day moving average price of $7.11 and a two-hundred day moving average price of $8.46. Gogo has a 52-week low of $6.17 and a 52-week high of $11.17.

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.