SCP Investment LP Has $11.73 Million Stock Position in Gogo Inc. (NASDAQ:GOGO)

SCP Investment LP grew its stake in shares of Gogo Inc. (NASDAQ:GOGO) by 51.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,450,000 shares of the technology company’s stock after purchasing an additional 490,000 shares during the quarter. Gogo makes up approximately 9.0% of SCP Investment LP’s investment portfolio, making the stock its 4th largest position. SCP Investment LP’s holdings in Gogo were worth $11,730,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Brighton Jones LLC lifted its holdings in shares of Gogo by 69.6% in the 4th quarter. Brighton Jones LLC now owns 17,000 shares of the technology company’s stock worth $138,000 after buying an additional 6,978 shares during the period. Semanteon Capital Management LP purchased a new stake in Gogo in the fourth quarter worth about $138,000. Point72 DIFC Ltd grew its holdings in Gogo by 59.8% during the 3rd quarter. Point72 DIFC Ltd now owns 19,382 shares of the technology company’s stock worth $139,000 after acquiring an additional 7,252 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Gogo during the 4th quarter valued at about $184,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of Gogo by 110.1% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 23,454 shares of the technology company’s stock valued at $168,000 after purchasing an additional 12,289 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors.

Insider Activity at Gogo

In other Gogo news, Director Oakleigh Thorne purchased 30,173 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were acquired at an average price of $6.57 per share, for a total transaction of $198,236.61. Following the completion of the purchase, the director now owns 711,341 shares of the company’s stock, valued at approximately $4,673,510.37. The trade was a 4.43 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 26.00% of the stock is currently owned by corporate insiders.

Gogo Stock Down 1.1 %

Shares of Gogo stock opened at $8.61 on Friday. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07. The company has a market cap of $1.13 billion, a P/E ratio of 20.02 and a beta of 1.01. The firm’s 50 day moving average price is $7.86 and its 200-day moving average price is $7.58. Gogo Inc. has a 52-week low of $6.17 and a 52-week high of $11.00.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.03. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The business had revenue of $137.80 million for the quarter, compared to analyst estimates of $97.80 million. During the same period in the previous year, the company earned $0.11 earnings per share. The business’s revenue for the quarter was up 40.9% on a year-over-year basis. On average, sell-side analysts predict that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. StockNews.com downgraded shares of Gogo from a “hold” rating to a “sell” rating in a research note on Monday, March 17th. Roth Mkm dropped their target price on Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a research report on Monday, March 17th.

Gogo Company Profile

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.