nVerses Capital LLC Takes Position in Gogo Inc. (NASDAQ:GOGO)

nVerses Capital LLC acquired a new position in shares of Gogo Inc. (NASDAQ:GOGO) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,700 shares of the technology company’s stock, valued at approximately $34,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Board of Administration of Florida Retirement System increased its position in Gogo by 12.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock worth $187,000 after purchasing an additional 2,390 shares during the last quarter. Texas Permanent School Fund Corp increased its holdings in Gogo by 7.2% in the second quarter. Texas Permanent School Fund Corp now owns 57,452 shares of the technology company’s stock worth $553,000 after buying an additional 3,845 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Gogo by 11.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 54,770 shares of the technology company’s stock valued at $481,000 after acquiring an additional 5,688 shares during the last quarter. Public Sector Pension Investment Board lifted its stake in Gogo by 4.6% in the second quarter. Public Sector Pension Investment Board now owns 134,206 shares of the technology company’s stock valued at $1,291,000 after acquiring an additional 5,869 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its position in Gogo by 29.0% in the second quarter. Point72 Asset Management L.P. now owns 30,700 shares of the technology company’s stock worth $295,000 after acquiring an additional 6,900 shares in the last quarter. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

Gogo Stock Performance

NASDAQ:GOGO opened at $6.92 on Wednesday. The firm has a market capitalization of $879.57 million, a PE ratio of 5.91 and a beta of 1.09. Gogo Inc. has a 1 year low of $6.17 and a 1 year high of $11.40. The company has a current ratio of 3.95, a quick ratio of 3.16 and a debt-to-equity ratio of 11.25. The firm’s fifty day simple moving average is $7.22 and its 200 day simple moving average is $8.61.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results 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 business had revenue of $102.10 million during the quarter, compared to analyst estimates of $99.02 million. During the same period in the prior year, the business posted $0.20 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Gogo Inc. will post 0.35 EPS for the current year.

Analysts Set New Price Targets

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

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.