SAC Capital Advisors, the investment manager founded by Steven A. Cohen, said on Thursday it has taken a 5.4 percent stake in Gogo Inc, a provider of in-flight Wi-Fi service.SAC said in a regulatory filing it now owns 4.5 million shares in the company. Investment managers are required to make a regulatory filing if they own more than 5 percent of a company.Cohen's SAC Capital Advisors pleaded guilty to insider trading late last year and is now transforming itself into a family office which will manage only Cohen's personal fortune, which was recently estimated by Forbes magazine at $11 billion.The firm returned capital to outside investors in January after more than two decades as one of the industry's best-performing hedge funds.
Gogo Inc is a holding company. The Company operates through its two operating subsidiaries, Gogo LLC and Aircell Business Aviation Services LLC. Shares of GOGO fell by 0.25% or $-0.06/share to $24.29. In the past year, the shares have traded as low as $9.71 and as high as $35.77. On average, 3349420 shares of GOGO exchange hands on a given day and today's volume is recorded at 5167802.
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