Gogo (NASDAQ:GOGO) Shares Up 9.8% – Here’s Why

Gogo Inc. (NASDAQ:GOGO)’s stock price traded up 9.8% on Wednesday . The company traded as high as $7.99 and last traded at $7.97. 301,866 shares were traded during mid-day trading, a decline of 67% from the average session volume of 916,025 shares. The stock had previously closed at $7.26.

Gogo Stock Up 1.6 %

The firm’s 50 day moving average is $7.80 and its 200-day moving average is $7.81. The firm has a market cap of $971.02 million, a PE ratio of 17.95 and a beta of 1.15. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07.

Hedge Funds Weigh In On Gogo

Institutional investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Gogo by 0.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 208,356 shares of the technology company’s stock valued at $1,496,000 after buying an additional 1,714 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Gogo by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 557,732 shares of the technology company’s stock valued at $4,005,000 after buying an additional 3,181 shares in the last quarter. Texas Permanent School Fund Corp lifted its holdings 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 valued at $553,000 after acquiring an additional 3,845 shares in the last quarter. nVerses Capital LLC purchased a new stake in Gogo during the 3rd quarter worth $34,000. Finally, Public Sector Pension Investment Board lifted its stake in shares of Gogo by 4.6% during the second quarter. Public Sector Pension Investment Board now owns 134,206 shares of the technology company’s stock worth $1,291,000 after purchasing an additional 5,869 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.