Have Hedge Funds Uncovered A Hidden Gem in Gogo Inc (GOGO)?

Now, key hedge funds have jumped into Gogo Inc (NASDAQ:GOGO) headfirst. Billings Capital Management assembled the most outsized position in Gogo Inc (NASDAQ:GOGO). Billings Capital Management had $12.8 million invested in the company at the end of the quarter. Miura Global Management also made an $11 million investment in the stock during the quarter. The other funds with brand new GOGO positions are D E Shaw, Wojciech Uzdelewicz’s Espalier Global Management, and Ken Griffin’s Citadel Investment Group.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Gogo Inc (NASDAQ:GOGO) but similarly valued. These stocks are Kelly Services, Inc. (NASDAQ:KELYA), Oritani Financial Corp. (NASDAQ:ORIT), A. Schulman Inc (NASDAQ:SHLM), and Northfield Bancorp Inc (NASDAQ:NFBK). This group of stocks’ market values are similar to GOGO’s market value.

As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $48 million. That figure was $184 million in GOGO’s case. Oritani Financial Corp. (NASDAQ:ORIT) is the most popular stock in this table. On the other hand Northfield Bancorp Inc (NASDAQ:NFBK) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Gogo Inc (NASDAQ:GOGO) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and more bullish than they’ve been in the last year, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None