Point72 Asset Management L.P. Buys 6,900 Shares of Gogo Inc. (NASDAQ:GOGO)

Point72 Asset Management L.P. lifted its stake in Gogo Inc. (NASDAQ:GOGO) by 29.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,700 shares of the technology company’s stock after acquiring an additional 6,900 shares during the quarter. Point72 Asset Management L.P.’s holdings in Gogo were worth $295,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in GOGO. Point72 Asia Singapore Pte. Ltd. bought a new stake in Gogo during the second quarter valued at approximately $107,000. AQR Capital Management LLC bought a new stake in Gogo during the second quarter valued at approximately $108,000. SG Americas Securities LLC bought a new stake in Gogo during the second quarter valued at approximately $109,000. Point72 DIFC Ltd bought a new stake in Gogo during the second quarter valued at approximately $117,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Gogo by 67.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,285 shares of the technology company’s stock valued at $166,000 after buying an additional 6,941 shares during the period. 69.60% of the stock is currently owned by institutional investors.

Gogo Price Performance

Shares of NASDAQ:GOGO opened at $6.36 on Friday. The company has a debt-to-equity ratio of 11.25, a current ratio of 3.95 and a quick ratio of 3.16. Gogo Inc. has a 1-year low of $6.17 and a 1-year high of $12.01. The company has a market capitalization of $808.39 million, a P/E ratio of 5.44 and a beta of 1.09. The firm’s 50 day simple moving average is $7.54 and its two-hundred day simple moving average is $8.75.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share 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 for the quarter, compared to analysts’ expectations of $99.02 million. During the same period in the prior year, the firm earned $0.20 EPS. Gogo’s revenue for the quarter was down 1.1% compared to the same quarter last year. Research analysts expect that Gogo Inc. will post 0.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GOGO. JPMorgan Chase & Co. cut their target price on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. Morgan Stanley lowered their price target on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 3rd. Finally, Roth Mkm reaffirmed a “buy” rating and set a $15.50 price target on shares of Gogo in a report on Tuesday, September 17th.

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.