Short Interest in Gogo Inc. (NASDAQ:GOGO) Rises By 9.5%

Gogo Inc. (NASDAQ:GOGO) saw a significant growth in short interest during the month of 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 days-to-cover ratio is currently 12.2 days. Approximately 20.0% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

GOGO has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price objective 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. Roth Mkm reaffirmed a “buy” rating and set a $15.50 price objective on shares of Gogo in a report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. reduced their target price on Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, August 8th.

Institutional Investors Weigh In On Gogo

Several hedge funds have recently modified their holdings of the stock. nVerses Capital LLC purchased a new position in Gogo during the 3rd quarter worth $34,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Gogo during the second quarter worth about $107,000. AQR Capital Management LLC purchased a new position in Gogo during the second quarter worth about $108,000. SG Americas Securities LLC purchased a new position in shares of Gogo during the 2nd quarter worth approximately $109,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Gogo in the second quarter valued at approximately $117,000. 69.60% of the stock is owned by institutional investors and hedge funds.

Gogo Stock Performance

NASDAQ:GOGO traded up $0.19 during trading hours on Wednesday, reaching $7.32. 890,575 shares of the company’s stock were exchanged, compared to its average volume of 934,931. Gogo has a 1-year low of $6.17 and a 1-year high of $12.01. 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 capitalization of $930.41 million, a price-to-earnings ratio of 6.26 and a beta of 1.09. The company has a 50-day moving average of $7.26 and a 200 day moving average of $8.65.

Gogo (NASDAQ:GOGO) last announced its 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). The business had revenue of $102.10 million for the quarter, compared to analyst estimates of $99.02 million. Gogo had a return on equity of 145.01% and a net margin of 16.59%. Gogo’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company posted $0.20 EPS. Research analysts anticipate that Gogo will post 0.35 EPS for the current year.

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.