Gogo Inc. (GOGO), a company providing in-flight connectivity systems and services, has surged 8.52% in the current market. As a result, GOGO stock is trading at $20.82 at the time of the writing.
GOGO to Join S&P SmallCap 600
The significant increase in the price of GOGO stock could be attributed to the announcement that Gogo would be joining S&P SmallCap 600 index. The late hours of Tuesday saw the announcement of the change in S&P Dow Jones Indices, with Gogo Inc. replacing SPX FLOW Inc. in the SmallCap 600. SPX Flow was earlier acquired by Lone Star Funds in a transaction. The changes to the index would be effective before the trading would commence on the 8th of April, 2022.
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What’s Cooking in Tech Sector
Recent days have seen tech stocks getting hammered with investors opting to invest in a sector that would provide solid returns in a small period, like energy stocks. But, when oil prices would be going, hopefully in not that distant future, the sector which would get able to reap the benefits immediately would be the tech sector. Using a more specific lens, the industry leaders like Google, META, etc. aren’t expected to make the big moves when the sector returns to its best, instead, small players would be the winners.
Catalyst Behind GOGO Rise
GOGO, via its recent performances, has depicted that it is the next big thing in the market. With the aviation industry recovering at full flow after-effects of the pandemic have subsided, GOGO is clearly on a winning pathway. The performance was depicted in the results as well, as the company announced strong financial results for its latest quarter recently.
Looking ahead, GOGO expects to continue a similar set of performance in the future as well. The most crucial tool for it in this regard would be the global 5G rollout and adoption, which the company expects would take place by the second half of 2021. Long-term investments in GOGO would provide investors with more solid returns as compared to the ones for a shorter period.