Harbor Capital Advisors Inc., an institutional investor, recently acquired a new stake in Gogo Inc. (NASDAQ:GOGO) during the second quarter of this year. According to the company’s Form 13F filing with the Securities and Exchange Commission (SEC), Harbor Capital Advisors purchased 36,315 shares of Gogo’s stock, valued at approximately $618,000.
Gogo is a technology company that specializes in providing broadband connectivity services to the aviation industry in both the United States and internationally. It operates through three segments: Commercial Aviation-North America, Commercial Aviation-Rest of World, and Business Aviation. The company offers various solutions, including networks, antennas, and airborne equipment and software.
On August 7th, Gogo released its earnings results for the quarter. The technology company reported earnings per share (EPS) of $0.20, surpassing the consensus estimate of $0.13 by $0.07. Additionally, Gogo generated $103.22 million in revenue for the quarter, slightly lower than analyst predictions of $103.25 million.
However, it is important to note that Gogo had a negative return on equity of 124.37% and a net margin of 38.08%. Despite these figures, analysts anticipate that Gogo Inc. will post an EPS of 0.73 for the current year.
The acquisition of Gogo’s stock by Harbor Capital Advisors Inc. highlights their confidence in the future prospects of the technology company within the aviation industry. As airlines increasingly prioritize providing seamless connectivity for passengers during flights, Gogo’s broadband services are becoming ever more crucial.
This investment could potentially be advantageous for Harbor Capital Advisors Inc., as Gogo continues to expand its operations and attract new clients both domestically and internationally. The company’s established position within the aviation industry positions it well to capitalize on growing demand for in-flight connectivity solutions.
In conclusion, Harbor Capital Advisors Inc.’s recent purchase of shares in Gogo Inc. showcases their belief in the company’s potential for growth and success within the aviation industry. As Gogo continues to enhance its broadband connectivity services, it is poised to benefit from the increasing demand for in-flight internet access.
The Clorox Company
Updated on: 19/09/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Strong Buy
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Analysis of Hedge Fund Activity and Analyst Ratings on Gogo Inc. Stock
As of September 19, 2023, there have been various hedge funds making adjustments to their stakes in Gogo, a technology company. Belpointe Asset Management LLC recently purchased a new stake in the company’s shares during the first quarter, valued at $29,000. Royal Bank of Canada also grew its stake in Gogo by 76.6% during the third quarter and now owns 3,069 shares worth $37,000. PNC Financial Services Group Inc. increased its holdings by 432.4% in the fourth quarter and now owns 2,609 shares valued at $39,000. Likewise, Great West Life Assurance Co. Can raised its position by 41.0% during the first quarter and currently holds 2,178 shares worth $44,000. Lastly, UBS Group AG lifted its holdings by 41.7% during the third quarter and now owns 4,033 shares valued at $49,000.
These actions from institutional investors and hedge funds demonstrate their involvement in Gogo’s stock with a collective ownership of 66.88%.
Gogo stock opened at $12.47 on Tuesday and has shown some fluctuations over time with a fifty-day simple moving average of $13.78 and a two-hundred day simple moving average of $14.55. Despite these variations in price levels, Gogo Inc.’s stock has reached a twelve-month low of $11.01 and high of $17.94.
With a market capitalization of $1.60 billion and a price-to-earnings ratio of 10.57 along with a beta coefficient of 1.36, Gogo Inc.’s financial standing is notable.
Analysts have weighed in on Gogo’s performance as well in recent times to provide insight for potential investors or interested parties considering this particular stock option.
Roth Mkm analysts reduced their price target from $22.50 to $19.50 while giving the company a “buy” rating on August 8th. TheStreet also downgraded Gogo from a “b-” rating to a “c+” rating on August 24th, signifying an unfavorable assessment of the company’s performance. TD Cowen analysts further reduced their price objective for Gogo from $26.00 to $22.00 and maintained an “outperform” rating on August 14th.
Delving deeper into these ratings, StockNews.com began coverage on Gogo with a “hold” rating for the company on August 17th, suggesting a neutral position in terms of investment potential. Meanwhile, Northland Securities analysts lowered their target price from $16.00 to $14.00 also indicating a less favorable outlook for Gogo’s stock.
Summing up the research reports, two equities research analysts have given the stock a hold rating, while two others have provided a buy rating for investors to consider when evaluating Gogo as an investment opportunity.
It’s important to note that this average rating of “Moderate Buy” and consensus price target of $17.63 is subject to change depending on market conditions and updated analysis.
In conclusion, as of September 19, 2023, Gogo Inc.’s stock has seen some activity from hedge funds and institutional investors adjusting their stakes in the company. The stock has also shown some fluctuations in its opening prices over time. Analysts have weighed in with varied opinions on Gogo’s performance and potential for investors interested in this technology company.