Valinor Management L.P. decreased its position in Gogo Inc. (NASDAQ:GOGO) by 24.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 3,653,342 shares of the company’s stock after selling 1,171,500 shares during the period. Gogo comprises about 1.4% of Valinor Management L.P.’s investment portfolio, making the stock its 27th largest position. Valinor Management L.P. owned 4.24% of Gogo worth $40,333,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Miura Global Management LLC purchased a new stake in shares of Gogo during the third quarter valued at $11,040,000. KCG Holdings Inc. purchased a new stake in shares of Gogo during the third quarter valued at $488,000. Espalier Global Management LLC purchased a new stake in shares of Gogo during the third quarter valued at $1,104,000. Laurion Capital Management LP bought a new position in Gogo during the third quarter worth $441,000. Finally, Morgan Stanley raised its position in Gogo by 44.3% in the third quarter. Morgan Stanley now owns 180,981 shares of the company’s stock worth $1,998,000 after buying an additional 55,522 shares during the last quarter. Institutional investors own 74.91% of the company’s stock.
Gogo Inc. (NASDAQ:GOGO) opened at 9.35 on Thursday. The stock’s 50 day moving average price is $9.50 and its 200 day moving average price is $10.19. The stock’s market cap is $806.34 million. Gogo Inc. has a one year low of $7.80 and a one year high of $15.10.
Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Thursday, November 3rd. The company reported ($0.42) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.03. The firm had revenue of $147.30 million for the quarter, compared to the consensus estimate of $146.77 million. Gogo had a negative return on equity of 441.18% and a negative net margin of 22.89%. The company’s quarterly revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.37) earnings per share. Equities analysts predict that Gogo Inc. will post ($1.56) earnings per share for the current fiscal year.
A number of research analysts have weighed in on the company. Zacks Investment Research raised Gogo from a “sell” rating to a “hold” rating in a report on Wednesday. William Blair reaffirmed an “outperform” rating on shares of Gogo in a report on Friday, September 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. Gogo has a consensus rating of “Hold” and a consensus target price of $13.60.
In other news, insider Michael Small bought 50,000 shares of the stock in a transaction on Friday, November 11th. The shares were bought at an average price of $8.94 per share, with a total value of $447,000.00. Following the completion of the acquisition, the insider now owns 294,832 shares in the company, valued at $2,635,798.08. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles C. Townsend bought 300,000 shares of the stock in a transaction on Monday, November 7th. The stock was purchased at an average cost of $9.69 per share, for a total transaction of $2,907,000.00. The disclosure for this purchase can be found here. 37.70% of the stock is owned by company insiders.
Gogo Company Profile
Gogo Inc is a holding company. The Company is a provider of in-flight connectivity and wireless entertainment solutions for the aviation industry across the world. The Company 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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