Gogo (NASDAQ:GOGO) Shares Gap Up Following Better-Than-Expected Earnings

Gogo Inc. (NASDAQ:GOGO)’s stock price gapped up prior to trading 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 trading hands.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GOGO. Royce & Associates LP raised its holdings in Gogo by 39.4% during the 3rd quarter. Royce & Associates LP now owns 123,910 shares of the technology company’s stock worth $890,000 after purchasing an additional 35,025 shares during the last quarter. Quest Partners LLC bought a new position in Gogo during the 3rd quarter worth approximately $158,000. Intech Investment Management LLC bought a new position in Gogo during the 3rd quarter worth approximately $740,000. Charles Schwab Investment Management Inc. raised its holdings in Gogo by 0.6% during 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 during the last quarter. Finally, Algert Global LLC raised its holdings in Gogo by 174.4% during the 3rd quarter. Algert Global LLC now owns 120,500 shares of the technology company’s stock worth $865,000 after purchasing an additional 76,590 shares during the last quarter. Institutional investors own 69.60% of the company’s stock.

Gogo Stock Down 0.1 %

The firm’s 50 day moving average price is $7.77 and its two-hundred day moving average price is $7.57. The company has a market cap of $862.84 million, a P/E ratio of 15.95 and a beta of 1.01. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58.

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.