Gogo (NASDAQ:GOGO) Sees Strong Trading Volume on Insider Buying Activity

Gogo Inc. (NASDAQ:GOGO - Get Free Report) shares saw unusually-strong trading volume on Wednesday following insider buying activity. Approximately 995,324 shares changed hands 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 acquired 30,173 shares of the business's stock in a transaction dated Monday, March 17th. The stock was bought 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 owns 711,341 shares of the company's stock, valued at $4,673,510.37. The trade was a 4.43 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Analyst Ratings Changes

A number of equities analysts have recently commented on GOGO shares. StockNews.com lowered shares of Gogo from a "hold" rating to a "sell" rating in a research report on Monday, March 17th. Roth Mkm cut their price objective on shares of Gogo from $15.50 to $13.00 and set a "buy" rating for the company in a research report on Monday, March 17th.

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Gogo Trading Down 3.9 %

The firm has a market capitalization of $933.28 million, a P/E ratio of 17.26 and a beta of 1.01. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07. The firm's 50-day simple moving average is $7.75 and its 200-day simple moving average is $7.55.

Gogo (NASDAQ:GOGO - Get Free Report) last announced its earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $97.80 million. During the same period in the previous year, the business posted $0.11 earnings per share. Gogo's revenue for the quarter was up 40.9% on a year-over-year basis. Analysts anticipate that Gogo Inc. will post 0.41 EPS for the current year.

Institutional Investors Weigh In On Gogo

Several hedge funds have recently bought and sold shares of GOGO. Lazard Asset Management LLC bought a new stake in Gogo during the fourth quarter valued at approximately $43,000. State of Wyoming bought a new stake in shares of Gogo in the 4th quarter worth approximately $57,000. Teza Capital Management LLC bought a new stake in shares of Gogo in the 4th quarter worth approximately $110,000. Hsbc Holdings PLC bought a new stake in shares of Gogo in the 4th quarter worth approximately $116,000. Finally, Diametric Capital LP bought a new stake in shares of Gogo in the 4th quarter worth approximately $121,000. 69.60% of the stock is currently owned by 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.