GoPro Inc. (NASDAQ:GPRO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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. However, GoPro has had a dismal earnings history, having missed earnings thrice in the trailing four quarters. The mispricing of its Hero4 Session, slowing demand for its Hero gadgets and rising operating expenses drove quarterly losses. Stiff competition and ongoing sluggishness in the wearable camera market indicate challenging times ahead for GoPro.”
A number of other research firms have also weighed in on GPRO. Wedbush boosted their price objective on shares of GoPro from $14.50 to $17.50 and gave the company an “outperform” rating in a research report on Tuesday, September 20th. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of GoPro in a research report on Monday, August 8th. Robert W. Baird reissued a “neutral” rating and issued a $10.00 price objective on shares of GoPro in a research report on Thursday, September 22nd. JPMorgan Chase & Co. reissued a “buy” rating and issued a $17.00 price objective on shares of GoPro in a research report on Friday, June 17th. Finally, Piper Jaffray Cos. set a $9.00 price objective on shares of GoPro and gave the company a “sell” rating in a research report on Wednesday, September 21st. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $15.94.
GoPro (NASDAQ:GPRO) opened at 16.89 on Monday. The firm has a 50-day moving average of $15.08 and a 200 day moving average of $12.47. GoPro has a 12 month low of $8.62 and a 12 month high of $31.33. The stock’s market cap is $2.36 billion.
GoPro (NASDAQ:GPRO) last posted its quarterly earnings data on Wednesday, July 27th. The company reported ($0.52) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.06. The business earned $220.80 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.35 earnings per share. Analysts anticipate that GoPro will post ($1.07) EPS for the current year.
In other GoPro news, President Anthony John Bates sold 9,704 shares of the stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $14.16, for a total transaction of $137,408.64. Following the transaction, the president now directly owns 398,137 shares in the company, valued at approximately $5,637,619.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael E. Marks sold 40,000 shares of the stock in a transaction on Monday, August 15th. The shares were sold at an average price of $15.58, for a total transaction of $623,200.00. The disclosure for this sale can be found here. Company insiders own 28.69% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Riverhead Capital Management LLC bought a new position in GoPro during the first quarter worth approximately $1,220,000. Sanders Morris Harris Inc. increased its position in GoPro by 71.4% in the second quarter. Sanders Morris Harris Inc. now owns 40,800 shares of the company’s stock worth $441,000 after buying an additional 17,000 shares during the period. Seven Eight Capital LLC increased its position in GoPro by 3,754.5% in the first quarter. Seven Eight Capital LLC now owns 11,101 shares of the company’s stock worth $133,000 after buying an additional 10,813 shares during the period. HBK Investments L P bought a new position in GoPro during the first quarter worth approximately $357,000. Finally, Norges Bank bought a new position in GoPro during the fourth quarter worth approximately $10,583,000. Hedge funds and other institutional investors 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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