Gogo Inc. (NASDAQ:GOGO) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 19,192,947 shares, a decline of 12.7% from the August 31st total of 21,973,474 shares. Approximately 33.8% of the shares of the company are short sold. Based on an average daily volume of 1,092,505 shares, the days-to-cover ratio is currently 17.6 days.
A number of equities research analysts recently weighed in on GOGO shares. Standpoint Research started coverage on shares of Gogo in a research note on Thursday, June 23rd. They set a “buy” rating and a $14.00 price objective on the stock. Zacks Investment Research upgraded shares of Gogo from a “sell” rating to a “hold” rating in a research report on Tuesday, August 23rd. Dougherty & Co dropped their price target on shares of Gogo from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, June 15th. William Blair reiterated an “outperform” rating on shares of Gogo in a research report on Friday, September 30th. Finally, Morgan Stanley dropped their price target on shares of Gogo from $11.00 to $8.00 and set an “underweight” rating on the stock in a research report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $13.60.
In related news, Director Robert H. Mundheim acquired 8,500 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The shares were acquired at an average cost of $11.53 per share, for a total transaction of $98,005.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles C. Townsend acquired 200,000 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The shares were bought at an average price of $10.73 per share, for a total transaction of $2,146,000.00. The disclosure for this purchase can be found here. Corporate insiders own 37.70% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Capital World Investors boosted its stake in shares of Gogo by 72.1% in the second quarter. Capital World Investors now owns 3,640,000 shares of the company’s stock worth $30,540,000 after buying an additional 1,525,000 shares during the period. Lord Abbett & CO. LLC bought a new stake in shares of Gogo during the second quarter worth $12,223,000. Gabelli Funds LLC boosted its stake in shares of Gogo by 31.0% in the second quarter. Gabelli Funds LLC now owns 2,255,500 shares of the company’s stock worth $18,924,000 after buying an additional 534,000 shares during the period. Wellington Management Group LLP boosted its stake in shares of Gogo by 22.0% in the first quarter. Wellington Management Group LLP now owns 2,525,921 shares of the company’s stock worth $27,811,000 after buying an additional 455,535 shares during the period. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Gogo during the second quarter worth $2,888,000. Hedge funds and other institutional investors own 74.33% of the company’s stock.
Shares of Gogo (NASDAQ:GOGO) opened at 11.27 on Thursday. The firm’s 50-day moving average price is $11.94 and its 200 day moving average price is $10.35. Gogo has a 12-month low of $7.80 and a 12-month high of $19.61. The firm’s market cap is $971.20 million.
Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Thursday, August 4th. The company reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by $0.11. Gogo had a negative net margin of 22.95% and a negative return on equity of 204.51%. The company earned $147.50 million during the quarter, compared to the consensus estimate of $141.46 million. During the same quarter last year, the company earned ($0.32) earnings per share. The business’s revenue was up 21.7% on a year-over-year basis. On average, equities analysts expect that Gogo will post ($1.55) earnings per share for the current fiscal year.