Gogo Sees Unusually High Options Volume (NASDAQ:GOGO)

Gogo Inc. (NASDAQ:GOGO) was the recipient of some unusual options trading activity on Wednesday. Investors bought 15,019 put options on the stock. This represents an increase of approximately 661% compared to the average daily volume of 1,974 put options.

Gogo Trading Up 5.1 %

Shares of NASDAQ GOGO traded up $0.36 during midday trading on Wednesday, reaching $7.29. 1,676,295 shares of the stock were exchanged, compared to its average volume of 1,073,254. The company has a market capitalization of $916.30 million, a P/E ratio of 16.94 and a beta of 1.01. Gogo has a 52-week low of $6.17 and a 52-week high of $11.00. The company has a current ratio of 3.58, a quick ratio of 2.81 and a debt-to-equity ratio of 11.07. The stock has a 50 day moving average price of $7.74 and a 200-day moving average price of $7.56.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Roth Mkm cut their target price on shares of Gogo from $15.50 to $13.00 and set a “buy” rating for the company in a research report on Monday. StockNews.com cut shares of Gogo from a “hold” rating to a “sell” rating in a research report on Monday.

Insider Activity at Gogo

In other Gogo news, Director Oakleigh Thorne bought 30,173 shares of the business’s stock in a transaction on Monday, March 17th. The stock was bought 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 owns 711,341 shares in the company, valued at approximately $4,673,510.37. The trade was a 4.43 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Gogo

Institutional investors have recently bought and sold shares of the stock. Lazard Asset Management LLC purchased a new stake in Gogo in the fourth quarter valued at approximately $43,000. State of Wyoming purchased a new stake in Gogo during the fourth quarter worth approximately $57,000. Teza Capital Management LLC purchased a new stake in Gogo during the fourth quarter worth approximately $110,000. Hsbc Holdings PLC purchased a new stake in Gogo during the fourth quarter worth approximately $116,000. Finally, Diametric Capital LP purchased a new stake in Gogo during the fourth quarter worth approximately $121,000. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

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.