Zacks Investment Research upgraded shares of GoPro Inc. (NASDAQ:GPRO) from a hold rating to a buy rating in a research report report published on Tuesday morning. The brokerage currently has $19.00 price objective on the stock.
According to Zacks, “GoPro recently unveiled its first drone – Karma, and also launched the first significant update to its flagship line of action cameras in two years — the new Hero5 camera, and the smaller, cube-shaped Hero5 Session. We believe that the interesting product lineup will boost revenues for the company. GoPro is making strategic investments in talent, technology, software and innovative products for quite some time now. The company has done a great job of clearing out channel inventory and streamlining its product portfolio. Also, GoPro is exploring several new revenue streams, including Karma, Virtual Reality and licensing content shot on its cameras to media companies. However, GoPro has had a dismal earnings history, having missed earnings thrice in the trailing four quarters. Stiff competition and ongoing sluggishness in the wearable camera market indicate challenging times ahead for GoPro.”
GPRO has been the topic of several other research reports. Piper Jaffray Cos. set a $6.50 price target on shares of GoPro and gave the company a sell rating in a research report on Thursday, July 28th. Oppenheimer Holdings Inc. reissued a market perform rating on shares of GoPro in a research report on Tuesday, September 13th. JPMorgan Chase & Co. set a $17.00 price target on shares of GoPro and gave the company a buy rating in a research report on Thursday, July 21st. Longbow Research began coverage on shares of GoPro in a report on Tuesday, June 14th. They issued a neutral rating and a $11.88 price objective on the stock. Finally, Bank of America Corp. began coverage on shares of GoPro in a report on Friday, September 16th. They issued a buy rating and a $19.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $15.94.
Shares of GoPro (NASDAQ:GPRO) opened at 16.60 on Tuesday. GoPro has a 52 week low of $8.62 and a 52 week high of $31.95. The stock’s market cap is $2.31 billion. The stock has a 50 day moving average of $14.90 and a 200 day moving average of $12.37.
GoPro (NASDAQ:GPRO) last announced its quarterly earnings results on Wednesday, July 27th. The company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($0.58) by $0.06. The firm had revenue of $220.80 million for the quarter, compared to analysts’ expectations of $194.37 million. GoPro had a negative net margin of 17.31% and a negative return on equity of 27.52%. The company’s revenue was down 47.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 EPS. On average, analysts expect that GoPro will post ($1.07) earnings per share for the current year.
In other news, Director Michael E. Marks sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $15.58, for a total transaction of $623,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Edward A. Gilhuly sold 700,000 shares of the company’s stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $15.12, for a total value of $10,584,000.00. The disclosure for this sale can be found here. Insiders own 28.69% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Riverhead Capital Management LLC bought a new stake in GoPro during the first quarter valued at approximately $1,220,000. Sanders Morris Harris Inc. boosted its stake in GoPro by 71.4% in the second quarter. Sanders Morris Harris Inc. now owns 40,800 shares of the company’s stock valued at $441,000 after buying an additional 17,000 shares during the period. Seven Eight Capital LLC boosted its stake in GoPro by 3,754.5% in the first quarter. Seven Eight Capital LLC now owns 11,101 shares of the company’s stock valued at $133,000 after buying an additional 10,813 shares during the period. HBK Investments L P bought a new stake in GoPro during the first quarter valued at approximately $357,000. Finally, Norges Bank bought a new stake in GoPro during the fourth quarter valued at approximately $10,583,000. Institutional investors and hedge funds own 28.46% of the company’s stock.
GoPro, Inc produces mountable and wearable cameras (capture devices) and accessories. The Company’s products are sold globally through retailers, wholesale distributors and on its Website. It enables people to capture compelling, immersive photo and video content of themselves in their day to day life, as well as participating in their favorite activities.
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