Insider Selling: Gogo Inc. (NASDAQ:GOGO) Director Sells 8,500,000 Shares of Stock

Gogo Inc. (NASDAQ:GOGO) Director (Equity) Holdings Lp Silver sold 8,500,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $11.00, for a total transaction of $93,500,000.00. Following the sale, the director now directly owns 4,174,482 shares of the company’s stock, valued at $45,919,302. The trade was a 67.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Gogo Stock Performance

GOGO traded up $0.27 on Tuesday, reaching $11.11. 1,973,294 shares of the stock were exchanged, compared to its average volume of 1,316,806. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81. Gogo Inc. has a fifty-two week low of $6.17 and a fifty-two week high of $13.16. The firm has a market capitalization of $1.47 billion, a PE ratio of 25.84 and a beta of 0.93. The company’s 50-day moving average price is $8.70 and its 200 day moving average price is $8.11.

Gogo (NASDAQ:GOGO) last posted its earnings results on Friday, May 9th. The technology company reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.13. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The company had revenue of $230.31 million during the quarter, compared to the consensus estimate of $214.93 million. During the same period in the previous year, the firm posted $0.23 earnings per share. The firm’s quarterly revenue was up 120.8% on a year-over-year basis. As a group, sell-side analysts forecast that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Gogo

Hedge funds have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Gogo by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,863 shares of the technology company’s stock valued at $298,000 after acquiring an additional 1,273 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of Gogo by 0.6% during the 4th quarter. Nuveen Asset Management LLC now owns 223,317 shares of the technology company’s stock worth $1,807,000 after purchasing an additional 1,373 shares during the period. MetLife Investment Management LLC grew its stake in shares of Gogo by 6.9% in the first quarter. MetLife Investment Management LLC now owns 38,698 shares of the technology company’s stock valued at $334,000 after buying an additional 2,482 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Gogo by 532.9% during the 1st quarter. GAMMA Investing LLC now owns 3,595 shares of the technology company’s stock valued at $31,000 after acquiring an additional 3,027 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Gogo by 8.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 62,032 shares of the technology company’s stock valued at $502,000 after purchasing an additional 5,078 shares during the period. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Analyst Upgrades and Downgrades

GOGO has been the subject of several recent analyst reports. Wall Street Zen raised Gogo from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Roth Mkm lowered 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, March 17th.

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.