Gogo (GOGO) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 19,568,887 to 18,994,680 shares, with 10 days to go before the expiry. The short open interest has decreased by -2.9%, amounting to a reduction of -574,207 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 33.4% of the float of the company. The average daily volume of the stock is 1,897,924 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Gogo (NASDAQ:GOGO): The stock opened at $11.83 on Wednesday but the bulls could not build on the opening and the stock topped out at $12.06 for the day. The stock traded down to $11.64 during the day, due to lack of any buying support eventually closed down at $11.69 with a loss of -1.68% for the day. The stock had closed at $11.89 on the previous day. The total traded volume was 1,204,452 shares.
In a related news, The Securities and Exchange Commission has divulged in a Form 4 filing that the director of Gogo Inc., Mundheim Robert H had purchased shares worth of $98,005 in a transaction dated on August 11, 2016. A total of 8,500 shares were purchased at a price of $11.53 per share. The information is based on open market trades at the market prices.Option exercises are not covered.
Gogo Inc. is a holding company. The Company is an aero communications service provider. The Company operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW) and Business Aviation (BA). Its services include global network solutions, which include ATG/ATG-4, Ku/2Ku, Global Xpress and Iridium and SwiftBroadband (SBB); equipment and equipment related services, which include a package of airborne equipment for its ATG/ATG-4 and satellite services; passenger services, which include passenger connectivity, passenger entertainment and portal content; airline/owner/operator services, which include account support, network monitoring and management services, passenger support services and portal design, development and hosting, and operations-oriented communications services, which include providing commercial airlines and business aircraft owners and operators the access to use applications requiring connectivity.