Gogo (GOGO) Sees Strong Trading Volume After Strong Earnings

Share on StockTwits

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.

COPYRIGHT VIOLATION NOTICE: This piece of content was first published by Macon Daily and is the property of of Macon Daily. If you are viewing this piece of content on another domain, it was copied illegally and reposted in violation of US & international copyright & trademark laws. The legal version of this piece of content can be viewed at https://macondaily.com/2018/11/06/gogo-gogo-sees-strong-trading-volume-after-strong-earnings.html.

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).

Read More: What are defining characteristics of a correction?

Receive News & Ratings for Gogo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gogo and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply