Gogo (NASDAQ:GOGO) Shares Gap Up on Earnings Beat

Shares of Gogo Inc. (NASDAQ:GOGO) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $6.87, but opened at $7.58. Gogo shares last traded at $6.70, with a volume of 1,084,536 shares traded.

The technology company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. Gogo had a return on equity of 121.96% and a net margin of 13.94%. The firm had revenue of $137.80 million for the quarter, compared to analyst estimates of $97.80 million. During the same quarter last year, the company earned $0.11 EPS. The company’s revenue was up 40.9% on a year-over-year basis.

Hedge Funds Weigh In On Gogo

Several hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Gogo by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,863 shares of the technology company’s stock valued at $298,000 after purchasing an additional 1,273 shares during the last quarter. Nuveen Asset Management LLC increased its stake in shares of Gogo by 0.6% in the 4th quarter. Nuveen Asset Management LLC now owns 223,317 shares of the technology company’s stock valued at $1,807,000 after purchasing an additional 1,373 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Gogo by 0.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 208,356 shares of the technology company’s stock valued at $1,496,000 after purchasing an additional 1,714 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Gogo by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 557,732 shares of the technology company’s stock worth $4,005,000 after purchasing an additional 3,181 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Gogo by 8.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 62,032 shares of the technology company’s stock worth $502,000 after purchasing an additional 5,078 shares in the last quarter. Institutional investors own 69.60% of the company’s stock.

Gogo Trading Down 0.1 %

The business has a fifty day simple moving average of $7.77 and a 200-day simple moving average of $7.57. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58. The firm has a market cap of $862.84 million, a price-to-earnings ratio of 15.95 and a beta of 1.01.

About Gogo

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.