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

Shares of Gogo Inc. (NASDAQ:GOGO) saw unusually-high trading volume on Wednesday following insider buying activity. Approximately 995,324 shares were traded during mid-day 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 business’s stock in a transaction that occurred on Monday, March 17th. The stock was purchased at an average cost of $6.57 per share, with a total value of $198,236.61. Following the acquisition, 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 available through the SEC website.

Wall Street Analyst Weigh In

GOGO has been the subject of several analyst reports. StockNews.com downgraded shares of Gogo from a “hold” rating to a “sell” rating in a research note on Monday. Roth Mkm dropped their target price on shares of Gogo from $15.50 to $13.00 and set a “buy” rating for the company in a research note on Monday.

Gogo Stock Performance

The company has a market capitalization of $968.50 million, a P/E ratio of 17.91 and a beta of 1.01. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81. The stock’s 50 day simple moving average is $7.74 and its two-hundred day simple moving average is $7.56.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $97.80 million. During the same period in the previous year, the firm posted $0.11 earnings per share. Gogo’s revenue for the quarter was up 40.9% compared to the same quarter last year. As a group, research analysts expect that Gogo Inc. will post 0.41 earnings per share for the current year.

Hedge Funds Weigh In On Gogo

Large investors have recently bought and sold shares of the business. Lazard Asset Management LLC acquired a new position in Gogo in the fourth quarter valued at approximately $43,000. State of Wyoming acquired a new position in Gogo in the fourth quarter valued at approximately $57,000. Teza Capital Management LLC acquired a new position in Gogo in the fourth quarter valued at approximately $110,000. Hsbc Holdings PLC acquired a new position in Gogo in the fourth quarter valued at approximately $116,000. Finally, Diametric Capital LP acquired a new position in Gogo in the fourth quarter valued at approximately $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.