Gogo Inc. (NASDAQ:GOGO) Sees Large Growth in Short Interest

Gogo Inc. (NASDAQ:GOGO) was the recipient of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 16,750,000 shares, an increase of 8.4% from the October 15th total of 15,450,000 shares. Based on an average daily trading volume, of 1,310,000 shares, the short-interest ratio is presently 12.8 days. Approximately 27.1% of the company’s shares are sold short.

Gogo Stock Up 3.2 %

GOGO traded up $0.24 during trading on Monday, reaching $7.78. 993,344 shares of the stock traded hands, compared to its average volume of 1,007,578. The stock’s 50-day simple moving average is $7.11 and its two-hundred day simple moving average is $8.46. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81. Gogo has a fifty-two week low of $6.17 and a fifty-two week high of $11.17. The stock has a market cap of $978.56 million, a price-to-earnings ratio of 17.53 and a beta of 1.10.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GOGO. Morgan Stanley dropped their target price on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 3rd. Roth Mkm reissued a “buy” rating and set a $15.50 target price on shares of Gogo in a research note on Tuesday, September 17th. Finally, JPMorgan Chase & Co. lowered their price target on Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th.

Hedge Funds Weigh In On Gogo

A number of hedge funds have recently added to or reduced their stakes in GOGO. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Gogo by 0.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 208,356 shares of the technology company’s stock worth $1,496,000 after acquiring an additional 1,714 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Gogo by 12.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock valued at $187,000 after buying an additional 2,390 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Gogo by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 557,732 shares of the technology company’s stock worth $4,005,000 after buying an additional 3,181 shares during the last quarter. Texas Permanent School Fund Corp boosted its stake in shares of Gogo by 7.2% during the 2nd quarter. Texas Permanent School Fund Corp now owns 57,452 shares of the technology company’s stock worth $553,000 after acquiring an additional 3,845 shares in the last quarter. Finally, nVerses Capital LLC acquired a new position in shares of Gogo during the 3rd quarter valued at about $34,000. Institutional investors and hedge funds own 69.60% of the company’s stock.

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.