SCP Investment LP Grows Stock Position in Gogo Inc. (NASDAQ:GOGO)

SCP Investment LP raised its stake in shares of Gogo Inc. (NASDAQ:GOGO - Free Report) by 51.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,450,000 shares of the technology company's stock after purchasing an additional 490,000 shares during the period. Gogo accounts for 9.0% of SCP Investment LP's holdings, making the stock its 4th biggest position. SCP Investment LP owned about 1.15% of Gogo worth $11,730,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of GOGO. Barclays PLC boosted its holdings in shares of Gogo by 357.5% during the 3rd quarter. Barclays PLC now owns 109,959 shares of the technology company's stock worth $789,000 after purchasing an additional 85,925 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Gogo by 256.1% in the 4th quarter. Van ECK Associates Corp now owns 154,706 shares of the technology company's stock worth $1,252,000 after acquiring an additional 111,267 shares during the last quarter. State Street Corp raised its holdings in shares of Gogo by 2.1% during the 3rd quarter. State Street Corp now owns 2,461,691 shares of the technology company's stock worth $17,675,000 after acquiring an additional 51,681 shares during the period. FMR LLC boosted its position in shares of Gogo by 13.5% during the 3rd quarter. FMR LLC now owns 5,653,036 shares of the technology company's stock valued at $40,589,000 after acquiring an additional 673,315 shares during the last quarter. Finally, Amundi grew its holdings in shares of Gogo by 142.9% in the fourth quarter. Amundi now owns 26,387 shares of the technology company's stock valued at $200,000 after purchasing an additional 15,525 shares during the period. Institutional investors and hedge funds own 69.60% of the company's stock.

Insiders Place Their Bets

In related news, Director Oakleigh Thorne purchased 30,173 shares of the company's stock in a transaction on Monday, March 17th. The stock was bought at an average price of $6.57 per share, with a total value of $198,236.61. Following the completion of the transaction, the director now owns 711,341 shares of the company's stock, valued at approximately $4,673,510.37. This represents a 4.43 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 26.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on GOGO shares. Roth Mkm decreased their target price on shares of Gogo from $15.50 to $13.00 and set a "buy" rating on the stock in a report on Monday, March 17th. StockNews.com lowered Gogo from a "hold" rating to a "sell" rating in a research report on Monday, March 17th.

Gogo Stock Down 3.8 %

GOGO traded down $0.33 on Thursday, reaching $8.26. The company's stock had a trading volume of 468,207 shares, compared to its average volume of 1,134,501. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of 19.21 and a beta of 0.59. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07. Gogo Inc. has a fifty-two week low of $6.17 and a fifty-two week high of $11.00. The stock has a 50 day moving average of $7.87 and a two-hundred day moving average of $7.60.

Gogo (NASDAQ:GOGO - Get Free Report) last announced its quarterly earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.03. The firm had revenue of $137.80 million during the quarter, compared to analysts' expectations of $97.80 million. Gogo had a net margin of 13.94% and a return on equity of 121.96%. Gogo's quarterly revenue was up 40.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.11 earnings per share. As a group, analysts forecast that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Gogo 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.