Gogo Inc (GOGO) Sees Significant Decrease in Short Interest

Gogo Inc (NASDAQ:GOGO) saw a large decrease in short interest in November. As of November 30th, there was short interest totalling 28,921,640 shares, a decrease of 2.0% from the November 15th total of 29,517,329 shares. Based on an average trading volume of 1,506,252 shares, the short-interest ratio is currently 19.2 days. Currently, 51.3% of the company’s stock are sold short.

In other Gogo news, insider Michael Small bought 100,000 shares of the company’s stock in a transaction on Monday, November 6th. The shares were bought at an average cost of $8.79 per share, for a total transaction of $879,000.00. Following the acquisition, the insider now directly owns 398,224 shares in the company, valued at $3,500,388.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 37.30% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Gogo by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 4,603,405 shares of the technology company’s stock worth $53,077,000 after purchasing an additional 114,567 shares in the last quarter. Billings Capital Management LLC boosted its stake in Gogo by 6.7% in the 3rd quarter. Billings Capital Management LLC now owns 2,947,085 shares of the technology company’s stock worth $34,805,000 after purchasing an additional 184,386 shares in the last quarter. Elk Creek Partners LLC boosted its stake in Gogo by 4.3% in the 3rd quarter. Elk Creek Partners LLC now owns 1,682,480 shares of the technology company’s stock worth $19,870,000 after purchasing an additional 69,815 shares in the last quarter. State Street Corp boosted its stake in Gogo by 6.2% in the 2nd quarter. State Street Corp now owns 1,111,346 shares of the technology company’s stock worth $12,811,000 after purchasing an additional 64,390 shares in the last quarter. Finally, Gamco Investors INC. ET AL boosted its stake in Gogo by 3.0% in the 2nd quarter. Gamco Investors INC. ET AL now owns 1,032,600 shares of the technology company’s stock worth $11,906,000 after purchasing an additional 29,900 shares in the last quarter. Institutional investors own 69.94% of the company’s stock.

Gogo (NASDAQ GOGO) traded up $0.08 during trading hours on Monday, hitting $10.76. 1,200,700 shares of the stock were exchanged, compared to its average volume of 1,039,292. The company has a current ratio of 2.20, a quick ratio of 2.02 and a debt-to-equity ratio of -6.40. Gogo has a twelve month low of $8.56 and a twelve month high of $14.76.

Gogo (NASDAQ:GOGO) last released its earnings results on Thursday, November 2nd. The technology company reported ($0.57) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.06). The company had revenue of $172.87 million for the quarter, compared to the consensus estimate of $172.92 million. The firm’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.42) EPS. equities research analysts forecast that Gogo will post -2.11 EPS for the current year.

GOGO has been the topic of a number of recent analyst reports. BidaskClub upgraded shares of Gogo from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 26th. ValuEngine upgraded shares of Gogo from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. Guggenheim restated a “buy” rating and issued a $16.00 price target on shares of Gogo in a report on Monday, October 9th. Zacks Investment Research upgraded shares of Gogo from a “sell” rating to a “hold” rating in a report on Wednesday, November 29th. Finally, Northland Securities initiated coverage on shares of Gogo in a report on Tuesday, September 19th. They issued an “under perform” rating and a $6.75 price target on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $14.35.

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Gogo Company Profile

Gogo Inc is a holding company. The Company is a provider of in-flight broadband connectivity and connectivity-enabled services to commercial and business aviation. The Company operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW) and Business Aviation (BA).

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