Short Interest in Gogo Inc. (NASDAQ:GOGO) Rises By 8.4%

Gogo Inc. (NASDAQ:GOGO) was the recipient of a large increase in short interest during 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 trading volume of 1,310,000 shares, the short-interest ratio is presently 12.8 days. Currently, 27.1% of the company’s shares are short sold.

Institutional Trading of Gogo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Gogo by 0.8% during 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 during the period. State Board of Administration of Florida Retirement System increased its position in shares of 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 worth $187,000 after acquiring an additional 2,390 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Gogo by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 557,732 shares of the technology company’s stock worth $4,005,000 after acquiring an additional 3,181 shares during the period. Texas Permanent School Fund Corp increased its position in shares of Gogo by 7.2% during the second 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 during the period. Finally, nVerses Capital LLC purchased a new position in shares of Gogo during the third quarter worth approximately $34,000. 69.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Morgan Stanley lowered their price target on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, September 3rd. Roth Mkm reissued a “buy” rating and issued a $15.50 price objective on shares of Gogo in a research report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th.

Gogo Stock Performance

Gogo stock opened at $7.78 on Tuesday. 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 1-year low of $6.17 and a 1-year high of $11.17. The firm has a market capitalization of $978.56 million, a P/E ratio of 18.09 and a beta of 1.10. The company’s 50-day moving average is $7.11 and its 200 day moving average is $8.46.

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.