Gogo (NASDAQ:GOGO) Trading 3.8% Higher Following Insider Buying Activity

Shares of Gogo Inc. (NASDAQ:GOGO) traded up 3.8% during trading on Tuesday following insider buying activity. The stock traded as high as $6.76 and last traded at $6.72. 510,637 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 1,062,952 shares. The stock had previously closed at $6.47.

Specifically, Director Oakleigh Thorne purchased 30,173 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was acquired at an average cost of $6.57 per share, for a total transaction of $198,236.61. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

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

Gogo Trading Up 11.1 %

The company has a 50 day simple moving average of $7.74 and a 200 day simple moving average of $7.56. The company has a current ratio of 3.58, a quick ratio of 2.81 and a debt-to-equity ratio of 11.07. The stock has a market capitalization of $968.50 million, a PE ratio of 17.91 and a beta of 1.01.

Gogo (NASDAQ:GOGO) last released its earnings results on Friday, March 14th. The technology company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. The company had revenue of $137.80 million during the quarter, compared to the consensus estimate of $97.80 million. Gogo had a return on equity of 121.96% and a net margin of 13.94%. Gogo’s quarterly revenue was up 40.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.11 earnings per share. Analysts predict that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gogo

Several hedge funds have recently added to or reduced their stakes in GOGO. Lazard Asset Management LLC acquired a new stake in shares of Gogo during the 4th quarter worth about $43,000. State of Wyoming purchased a new position in Gogo in the fourth quarter valued at approximately $57,000. Teza Capital Management LLC purchased a new position in Gogo in the fourth quarter valued at approximately $110,000. Hsbc Holdings PLC purchased a new position in Gogo in the fourth quarter valued at approximately $116,000. Finally, Diametric Capital LP purchased a new stake in shares of Gogo during the fourth quarter valued at approximately $121,000. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

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.