Gogo (NASDAQ:GOGO) Sees Unusually-High Trading Volume After Insider Buying Activity

Gogo Inc. (NASDAQ:GOGO) shares saw an uptick in trading volume on Wednesday after an insider bought additional shares in the company. 995,324 shares changed hands during trading, a decline of 7% from the previous session’s volume of 1,071,956 shares.The stock last traded at $7.31 and had previously closed at $6.93.

Specifically, Director Oakleigh Thorne purchased 30,173 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were bought at an average cost of $6.57 per share, for a total transaction of $198,236.61. Following the transaction, the director now directly owns 711,341 shares of the company’s stock, valued at approximately $4,673,510.37. This trade represents a 4.43 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GOGO. Roth Mkm decreased their price target on shares of Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a research report on Monday. StockNews.com lowered shares of Gogo from a “hold” rating to a “sell” rating in a research report on Monday.

Gogo Stock Performance

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’s 50-day moving average price is $7.74 and its two-hundred day moving average price is $7.56. The firm has a market capitalization of $968.50 million, a price-to-earnings ratio of 17.91 and a beta of 1.01.

Gogo (NASDAQ:GOGO) last issued its earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.03. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The business had revenue of $137.80 million for the quarter, compared to analyst estimates of $97.80 million. During the same period in the previous year, the business earned $0.11 EPS. The firm’s revenue was up 40.9% on a year-over-year basis. Sell-side analysts predict that Gogo Inc. will post 0.41 earnings per share for the current year.

Institutional Trading of Gogo

Several institutional investors have recently made changes to their positions in GOGO. Lazard Asset Management LLC bought a new position in Gogo during the 4th quarter valued at about $43,000. State of Wyoming bought a new position in Gogo during the 4th quarter valued at about $57,000. Teza Capital Management LLC bought a new position in Gogo during the 4th quarter valued at about $110,000. Hsbc Holdings PLC bought a new position in Gogo during the 4th quarter valued at about $116,000. Finally, Diametric Capital LP bought a new position in Gogo during the 4th quarter valued at about $121,000. 69.60% of the stock is currently owned by institutional investors and hedge funds.

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.