Gogo (NASDAQ:GOGO) Releases Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Gogo (NASDAQ:GOGO) issued its quarterly earnings results on Thursday. The technology company reported ($0.47) EPS for the quarter, topping the consensus estimate of ($0.59) by $0.12, Morningstar.com reports. The company had revenue of $213.70 million for the quarter, compared to the consensus estimate of $199.62 million. During the same period in the previous year, the business posted ($0.47) EPS. The business’s revenue for the quarter was down 6.1% on a year-over-year basis. Gogo updated its FY 2019 guidance to EPS.

GOGO traded up $0.06 on Friday, hitting $4.63. 2,867,424 shares of the company’s stock were exchanged, compared to its average volume of 1,565,877. The firm has a market capitalization of $401.24 million, a price-to-earnings ratio of -2.53 and a beta of 0.97. Gogo has a twelve month low of $2.64 and a twelve month high of $7.82. The company’s fifty day simple moving average is $4.22.

Several brokerages have recently commented on GOGO. Roth Capital began coverage on shares of Gogo in a research report on Monday, May 13th. They set a “buy” rating and a $10.00 price target on the stock. William Blair upgraded shares of Gogo from a “market perform” rating to an “outperform” rating in a research note on Friday, May 10th. Cowen upgraded shares of Gogo from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $4.25 to $7.00 in a research note on Thursday, April 18th. BidaskClub lowered shares of Gogo from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. Finally, Zacks Investment Research upgraded shares of Gogo from a “hold” rating to a “buy” rating and set a $4.50 price objective on the stock in a research note on Wednesday. Two research analysts have rated the stock with a sell rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $5.75.

In other Gogo news, Director Charles C. Townsend acquired 64,389 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average price of $5.48 per share, for a total transaction of $352,851.72. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 41.50% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in GOGO. North Peak Capital Management LLC increased its stake in shares of Gogo by 1,012.3% in the first quarter. North Peak Capital Management LLC now owns 2,780,647 shares of the technology company’s stock valued at $12,485,000 after purchasing an additional 2,530,647 shares during the period. Hodges Capital Management Inc. increased its stake in shares of Gogo by 1,120.3% in the first quarter. Hodges Capital Management Inc. now owns 763,900 shares of the technology company’s stock valued at $3,430,000 after purchasing an additional 701,300 shares during the period. First Midwest Bank Trust Division increased its stake in shares of Gogo by 38.1% in the first quarter. First Midwest Bank Trust Division now owns 1,367,952 shares of the technology company’s stock valued at $6,142,000 after purchasing an additional 377,630 shares during the period. Elk Creek Partners LLC increased its stake in shares of Gogo by 8.7% in the first quarter. Elk Creek Partners LLC now owns 3,763,459 shares of the technology company’s stock valued at $16,898,000 after purchasing an additional 302,573 shares during the period. Finally, BNP Paribas Arbitrage SA increased its stake in shares of Gogo by 19,924.4% in the first quarter. BNP Paribas Arbitrage SA now owns 263,321 shares of the technology company’s stock valued at $1,182,000 after purchasing an additional 262,006 shares during the period. Institutional investors own 59.29% of the company’s stock.

About Gogo

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It 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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Earnings History for Gogo (NASDAQ:GOGO)

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