SCP Investment LP Boosts Holdings in Gogo Inc. (NASDAQ:GOGO)

SCP Investment LP lifted its stake in Gogo Inc. (NASDAQ:GOGO) by 51.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,450,000 shares of the technology company’s stock after acquiring an additional 490,000 shares during the quarter. Gogo accounts for about 9.0% of SCP Investment LP’s investment portfolio, making the stock its 4th largest holding. SCP Investment LP owned 1.15% of Gogo worth $11,730,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Semanteon Capital Management LP bought a new position in Gogo in the fourth quarter valued at about $138,000. Brighton Jones LLC boosted its holdings in shares of Gogo by 69.6% in the fourth quarter. Brighton Jones LLC now owns 17,000 shares of the technology company’s stock worth $138,000 after buying an additional 6,978 shares during the last quarter. Point72 DIFC Ltd grew its position in Gogo by 59.8% during the third quarter. Point72 DIFC Ltd now owns 19,382 shares of the technology company’s stock valued at $139,000 after buying an additional 7,252 shares during the period. Point72 Asia Singapore Pte. Ltd. increased its holdings in Gogo by 110.1% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 23,454 shares of the technology company’s stock valued at $168,000 after buying an additional 12,289 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in Gogo in the third quarter worth approximately $169,000. 69.60% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Oakleigh Thorne acquired 30,173 shares of the business’s stock in a transaction on Monday, March 17th. The shares were acquired at an average price 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. The trade was a 4.43 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 26.00% of the stock is currently owned by insiders.

Gogo Trading Down 1.1 %

GOGO stock opened at $8.61 on Friday. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of 20.02 and a beta of 1.01. 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 1-year low of $6.17 and a 1-year high of $11.00. The business has a 50 day simple moving average of $7.86 and a two-hundred day simple moving average of $7.58.

Gogo (NASDAQ:GOGO) last posted its earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.03. The company 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% on a year-over-year basis. During the same period last year, the company posted $0.11 earnings per share. Research analysts anticipate that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Roth Mkm cut their price objective on Gogo from $15.50 to $13.00 and set a “buy” rating for the company in a research note on Monday, March 17th. StockNews.com cut shares of Gogo from a “hold” rating to a “sell” rating in a research note on Monday, March 17th.

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.