Gogo (NASDAQ:GOGO) Trading Down 4.4% – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO)’s stock price traded down 4.4% on Wednesday . The stock traded as low as $6.65 and last traded at $6.65. 167,859 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 1,031,006 shares. The stock had previously closed at $6.95.

Gogo Stock Down 2.2 %

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 business’s 50-day simple moving average is $7.93 and its 200-day simple moving average is $7.62. The company has a market capitalization of $855.30 million, a PE ratio of 15.80 and a beta of 1.01.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its position in Gogo by 138.4% during the 4th quarter. FMR LLC now owns 13,475,009 shares of the technology company’s stock worth $109,013,000 after purchasing an additional 7,821,973 shares during the period. Nantahala Capital Management LLC raised its position in Gogo by 441.5% during the fourth quarter. Nantahala Capital Management LLC now owns 2,574,642 shares of the technology company’s stock valued at $20,829,000 after acquiring an additional 2,099,145 shares in the last quarter. Silvercrest Asset Management Group LLC acquired a new position in Gogo in the fourth quarter valued at approximately $14,147,000. Tenzing Global Management LLC boosted its position in Gogo by 59.6% in the 4th quarter. Tenzing Global Management LLC now owns 2,075,000 shares of the technology company’s stock worth $16,787,000 after purchasing an additional 775,000 shares in the last quarter. Finally, Capco Asset Management LLC boosted its position in Gogo by 22.1% in the 4th quarter. Capco Asset Management LLC now owns 3,009,743 shares of the technology company’s stock worth $24,349,000 after purchasing an additional 544,178 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors and hedge funds.

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.