Gogo Inc. (NASDAQ:GOGO) Sees Large Increase in Short Interest

Gogo Inc. (NASDAQ:GOGO) was the target of a large growth in short interest in September. As of September 30th, there was short interest totalling 12,460,000 shares, a growth of 9.5% from the September 15th total of 11,380,000 shares. Based on an average trading volume of 1,020,000 shares, the short-interest ratio is currently 12.2 days. Currently, 20.0% of the shares of the stock are short sold.

Gogo Stock Up 0.3 %

NASDAQ:GOGO traded up $0.02 during trading hours on Thursday, reaching $7.34. The company had a trading volume of 508,928 shares, compared to its average volume of 932,812. The company has a quick ratio of 3.16, a current ratio of 3.95 and a debt-to-equity ratio of 11.25. The firm has a market cap of $932.95 million, a price-to-earnings ratio of 6.26 and a beta of 1.09. The business’s 50-day simple moving average is $7.25 and its two-hundred day simple moving average is $8.65. Gogo has a twelve month low of $6.17 and a twelve month high of $12.00.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.06). Gogo had a return on equity of 145.01% and a net margin of 16.59%. The firm had revenue of $102.10 million for the quarter, compared to analysts’ expectations of $99.02 million. During the same quarter last year, the firm posted $0.20 earnings per share. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, equities analysts expect that Gogo will post 0.35 earnings per share for the current year.

Institutional Trading of Gogo

Hedge funds and other institutional investors have recently modified their holdings of the business. nVerses Capital LLC bought a new stake in Gogo during the 3rd quarter worth approximately $34,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Gogo during the 2nd quarter worth approximately $107,000. AQR Capital Management LLC bought a new stake in Gogo during the 2nd quarter worth approximately $108,000. SG Americas Securities LLC bought a new stake in Gogo during the 2nd quarter worth approximately $109,000. Finally, Point72 DIFC Ltd bought a new stake in Gogo during the 2nd quarter worth approximately $117,000. Institutional investors own 69.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GOGO. Morgan Stanley reduced their price target on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. cut their target price on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. Finally, Roth Mkm restated a “buy” rating and issued a $15.50 target price on shares of Gogo in a research report on Tuesday, September 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.