GoPro, Inc. (NASDAQ:GPRO) Sees Significant Drop in Short Interest

GoPro, Inc. (NASDAQ:GPRO) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 6,620,000 shares, a decrease of 6.8% from the March 15th total of 7,100,000 shares. Approximately 5.5% of the company’s stock are sold short. Based on an average daily trading volume, of 1,840,000 shares, the short-interest ratio is currently 3.6 days.

Analysts Set New Price Targets

Separately, Wedbush restated a “neutral” rating and set a $2.00 price objective on shares of GoPro in a report on Wednesday, March 27th.

Hedge Funds Weigh In On GoPro

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of GoPro by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 12,305,200 shares of the company’s stock worth $42,699,000 after buying an additional 55,859 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of GoPro by 1.1% in the 3rd quarter. BlackRock Inc. now owns 11,806,752 shares of the company’s stock worth $58,208,000 after buying an additional 132,213 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of GoPro by 25.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,971,000 shares of the company’s stock worth $35,063,000 after buying an additional 1,415,157 shares during the last quarter. FMR LLC raised its stake in GoPro by 27.4% in the 2nd quarter. FMR LLC now owns 5,278,262 shares of the company’s stock valued at $29,189,000 after acquiring an additional 1,133,819 shares during the period. Finally, Greenlight Capital Inc. raised its stake in GoPro by 6.3% in the 4th quarter. Greenlight Capital Inc. now owns 2,823,100 shares of the company’s stock valued at $9,796,000 after acquiring an additional 166,640 shares during the period. 70.09% of the stock is owned by hedge funds and other institutional investors.

GoPro Stock Performance

Shares of NASDAQ GPRO traded up $0.05 during midday trading on Tuesday, reaching $1.81. The company’s stock had a trading volume of 1,529,307 shares, compared to its average volume of 1,848,563. The stock has a market capitalization of $270.57 million, a P/E ratio of -5.18 and a beta of 1.43. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.73 and a quick ratio of 1.35. The firm has a 50 day moving average price of $2.27 and a 200-day moving average price of $2.86. GoPro has a 12-month low of $1.68 and a 12-month high of $4.73.

GoPro (NASDAQ:GPRO) last issued its quarterly earnings results on Wednesday, February 7th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $295.42 million for the quarter, compared to the consensus estimate of $326.99 million. GoPro had a negative net margin of 5.29% and a negative return on equity of 11.66%. As a group, equities analysts predict that GoPro will post -0.38 earnings per share for the current year.

GoPro Company Profile

GoPro, Inc develops and sells cameras, mountable and wearable accessories, and subscription services and software in the Americas, Europe, the Middle East, Africa, the Asia and Pacific region, and internationally. The company provides cloud connected HERO12 Black, HERO11 Black, HERO11 Black Mini, HERO10 Black, HERO10 Black Bones, and HERO9 Black waterproof cameras; MAX, a 360-degree waterproof camera; Premium and Premium+ subscription services, which include full access to the Quik app, cloud storage supporting source video and photo quality, camera replacement, and damage protection; Quik subscription that offers access to editing tools, which allows users to edit photos, videos, and create cinematic stories; and Quik desktop and mobile apps that enable users to get their favorite photos and videos with footage from any phone or camera.