Point72 DIFC Ltd Invests $117,000 in Gogo Inc. (NASDAQ:GOGO)

Point72 DIFC Ltd purchased a new position in shares of Gogo Inc. (NASDAQ:GOGO) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 12,130 shares of the technology company’s stock, valued at approximately $117,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GOGO. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Gogo during the second quarter valued at approximately $107,000. AQR Capital Management LLC purchased a new position in Gogo in the 2nd quarter valued at $108,000. SG Americas Securities LLC acquired a new stake in Gogo during the 2nd quarter worth $109,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Gogo by 67.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,285 shares of the technology company’s stock worth $166,000 after buying an additional 6,941 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its position in shares of Gogo by 12.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock valued at $187,000 after buying an additional 2,390 shares during the last quarter. 69.60% of the stock is owned by hedge funds and other institutional investors.

Gogo Stock Performance

Gogo stock opened at $6.81 on Wednesday. The firm has a 50 day simple moving average of $7.72 and a 200-day simple moving average of $8.79. The stock has a market cap of $865.59 million, a price-to-earnings ratio of 5.82 and a beta of 1.11. The company has a debt-to-equity ratio of 11.25, a current ratio of 3.95 and a quick ratio of 3.16. Gogo Inc. has a 1-year low of $6.61 and a 1-year high of $12.01.

Gogo (NASDAQ:GOGO) last posted its earnings results on Wednesday, August 7th. The technology company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Gogo had a net margin of 16.59% and a return on equity of 145.01%. The company had revenue of $102.10 million during the quarter, compared to analyst estimates of $99.02 million. During the same period in the previous year, the company earned $0.20 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, analysts expect that Gogo Inc. will post 0.35 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GOGO. Roth Mkm reaffirmed a “buy” rating and set a $15.50 price objective on shares of Gogo in a research note on Tuesday, September 17th. Morgan Stanley dropped 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. reduced their price objective on Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research 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.