Gogo Inc (NASDAQ:GOGO) saw unusually-high trading volume on Tuesday following a better than expected earnings announcement. Approximately 12,554,987 shares were traded during mid-day trading, an increase of 697% from the previous session’s volume of 1,576,195 shares.The stock last traded at $7.31 and had previously closed at $5.79.
The technology company reported ($0.47) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.21. The business had revenue of $217.26 million for the quarter, compared to analyst estimates of $212.01 million. The business’s revenue was up 25.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.57) EPS.
A number of equities analysts have recently weighed in on the stock. ValuEngine raised shares of Gogo from a “sell” rating to a “hold” rating in a research report on Wednesday, October 17th. William Blair lowered shares of Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 17th. BidaskClub lowered shares of Gogo from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Zacks Investment Research raised shares of Gogo from a “sell” rating to a “hold” rating in a research report on Tuesday, August 7th. Finally, Raymond James lowered shares of Gogo from an “outperform” rating to a “market perform” rating and set a $15.00 price objective for the company. in a research report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $8.38.
Large investors have recently bought and sold shares of the company. HighPoint Advisor Group LLC acquired a new position in shares of Gogo in the second quarter valued at approximately $109,000. Russell Investments Group Ltd. raised its position in shares of Gogo by 49.6% in the second quarter. Russell Investments Group Ltd. now owns 179,226 shares of the technology company’s stock valued at $871,000 after buying an additional 59,441 shares during the last quarter. Gamco Investors INC. ET AL grew its holdings in Gogo by 13.0% in the second quarter. Gamco Investors INC. ET AL now owns 1,209,800 shares of the technology company’s stock valued at $5,880,000 after purchasing an additional 139,300 shares during the period. Gabelli Funds LLC grew its holdings in Gogo by 7.7% in the second quarter. Gabelli Funds LLC now owns 1,991,000 shares of the technology company’s stock valued at $9,676,000 after purchasing an additional 141,800 shares during the period. Finally, Teton Advisors Inc. purchased a new stake in Gogo in the second quarter valued at approximately $292,000. 68.12% of the stock is owned by institutional investors and hedge funds.
The firm has a market cap of $488.30 million, a PE ratio of -3.37 and a beta of 0.82.
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About Gogo (NASDAQ:GOGO)
Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA).
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