Gogo Inc. $GOGO Shares Sold by SCP Investment LP

SCP Investment LP lessened its position in shares of Gogo Inc. (NASDAQ:GOGO) by 9.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,400,000 shares of the technology company’s stock after selling 150,000 shares during the quarter. Gogo accounts for about 9.7% of SCP Investment LP’s investment portfolio, making the stock its 5th largest holding. SCP Investment LP’s holdings in Gogo were worth $12,026,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. LB Partners LLC raised its holdings in Gogo by 30.0% during the 3rd quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock worth $27,737,000 after purchasing an additional 745,000 shares during the last quarter. Hussman Strategic Advisors Inc. acquired a new stake in shares of Gogo during the 3rd quarter worth approximately $2,345,000. XTX Topco Ltd bought a new stake in shares of Gogo during the second quarter worth approximately $1,018,000. Quantbot Technologies LP acquired a new position in Gogo in the second quarter valued at approximately $2,684,000. Finally, Intech Investment Management LLC boosted its stake in Gogo by 129.0% in the second quarter. Intech Investment Management LLC now owns 76,138 shares of the technology company’s stock valued at $1,118,000 after acquiring an additional 42,897 shares during the last quarter. Institutional investors own 69.60% of the company’s stock.

Insider Transactions at Gogo

In other news, insider Oakleigh Thorne purchased 170,000 shares of the business’s stock in a transaction dated Friday, December 12th. The shares were bought at an average cost of $5.34 per share, for a total transaction of $907,800.00. Following the completion of the acquisition, the insider directly owned 954,098 shares in the company, valued at approximately $5,094,883.32. This trade represents a 21.68% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 25.78% of the company’s stock.

Gogo Stock Down 0.5%

Gogo stock opened at $4.15 on Wednesday. Gogo Inc. has a twelve month low of $3.85 and a twelve month high of $16.82. The company has a quick ratio of 1.40, a current ratio of 1.74 and a debt-to-equity ratio of 7.79. The company has a 50 day moving average of $4.65 and a 200-day moving average of $7.73. The stock has a market capitalization of $555.48 million, a PE ratio of -83.00 and a beta of 1.04.

Wall Street Analysts Forecast Growth

GOGO has been the subject of several recent research reports. William Blair cut shares of Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Morgan Stanley set a $8.00 price objective on Gogo in a report on Friday, January 16th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Gogo in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $12.25.

About Gogo

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.