Steven Cohen’s SAC Capital Ups Passive Stake in Gogo Inc (GOGO)
A recent 13G filing shows that Steven Cohen’s SAC Capital Advisors has increased its passive stake in Gogo Inc (NASDAQ:GOGO). According to the filing, SAC Capital owns 4.55 million shares of Gogo Inc., which represents a massive increase from 132,000 shares the fund disclosed as at the end of the year. The new position is equivalent to 5.4% of the company’s common stock.
Illinois, U.S.-based Gogo Inc. provides offers in-flight connectivity and wireless in-flight digital entertainment solutions. The company has a market cap of $2.04 billion. As of the end of the fourth quarter of 2013, Cupps Capital Management, managed by Drew Cupps, holds 1.1 million shares of GOGO. Another investor Dmitry Balyasny’s Balyasny Asset Management owns around 743,100 shares of the company.
Around a month ago, GOGO has surpassed over 2,000 Gogo Biz system instalations in the business aviation. According to the company, the milestone achieved within just over four years after the introduction, makes the system the most rapidly-adopted broadband service in the history of business aviation.
The company went public in June, 2013 and since the IPO, the stock gained over 50%. Morover, while posting negative profits so far, the company still managed to beat the estimates in the past quarters. For the fourth quarter of 2013, Gogo is expected to report a loss of -$0.27.
SAC Capital is a diversified hedge fund that uses both fundamental and quantitative analysis based approaches. The total value of the fund’s equity portfolio amounted to over $17 billion at the end of the year.
Recently, SAC Capital upped its stake in ITT Educational Services, Inc. (NYSE:ESI) from 10,953 to 1.2 million shares, currently holding about 5% of the company's common stock. In addition, the fund massively increased its position in DeVry Education Group Inc (NYSE:DV) to over 3.17 million shares from 27,391 shares held previously, with the current holding amasses 5.0% stake of the company’s common stock.
The most recent 13F filing shows that SAC Capital is very fond of Amazon.com, Inc. (NASDAQ:AMZN) and Google Inc (NASDAQ:GOOG). Currently, the fund owns about 503,000 shares of AMZN and 169,000 shares of Google Inc.