GoPro, Inc. (GPRO) Shares Gap Down on Analyst Downgrade
Shares of GoPro, Inc. (NASDAQ:GPRO) gapped down before the market opened on Friday after Citigroup lowered their price target on the stock from $11.00 to $10.00. The stock had previously closed at $11.29, but opened at $10.43. Citigroup currently has a neutral rating on the stock. GoPro shares last traded at $9.58, with a volume of 11698920 shares changing hands.
Several other analysts have also recently weighed in on GPRO. Dougherty & Co reaffirmed a “sell” rating and set a $5.00 price objective on shares of GoPro in a research report on Wednesday, July 5th. Vetr raised GoPro from a “buy” rating to a “strong-buy” rating and set a $9.04 price target on the stock in a research report on Wednesday, July 5th. BidaskClub cut GoPro from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Morgan Stanley raised GoPro from an “underweight” rating to an “equal weight” rating and set a $7.50 price target on the stock in a research report on Monday, July 31st. They noted that the move was a valuation call. Finally, Wedbush reissued a “neutral” rating on shares of GoPro in a research report on Friday, July 28th. Six research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $9.67.
In other GoPro news, COO Charles J. Prober sold 24,918 shares of the business’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $11.00, for a total transaction of $274,098.00. Following the completion of the sale, the chief operating officer now directly owns 148,493 shares in the company, valued at approximately $1,633,423. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Anthony John Bates sold 25,529 shares of the business’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $10.17, for a total transaction of $259,629.93. Following the sale, the director now owns 116,482 shares of the company’s stock, valued at $1,184,621.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,344 shares of company stock valued at $542,205. Company insiders own 28.58% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in GoPro by 6.7% during the 2nd quarter. Vanguard Group Inc. now owns 7,093,763 shares of the company’s stock valued at $57,672,000 after buying an additional 444,109 shares during the last quarter. State Street Corp increased its stake in shares of GoPro by 6.7% in the 2nd quarter. State Street Corp now owns 1,914,069 shares of the company’s stock worth $15,563,000 after purchasing an additional 120,250 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of GoPro by 9.6% in the 1st quarter. Geode Capital Management LLC now owns 804,345 shares of the company’s stock worth $6,997,000 after purchasing an additional 70,449 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of GoPro by 2.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 573,002 shares of the company’s stock worth $4,658,000 after purchasing an additional 12,530 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of GoPro by 22.2% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 556,863 shares of the company’s stock worth $4,528,000 after purchasing an additional 101,157 shares in the last quarter. Institutional investors and hedge funds own 24.26% of the company’s stock.
The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.66.
GoPro (NASDAQ:GPRO) last announced its quarterly earnings data on Thursday, August 3rd. The company reported ($0.14) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.34) by $0.20. GoPro had a negative net margin of 17.52% and a negative return on equity of 15.53%. The company had revenue of $296.52 million for the quarter, compared to the consensus estimate of $268.94 million. During the same period in the prior year, the firm posted ($0.52) EPS. The company’s quarterly revenue was up 34.3% compared to the same quarter last year. sell-side analysts forecast that GoPro, Inc. will post -0.32 EPS for the current fiscal year.
GoPro, Inc (GoPro) produces cameras and mountable and wearable accessories. The Company’s product offerings include HERO5, which is a line of cloud-connected cameras featuring image stabilization, telemetry, cloud connectivity and voice control; GoPro Plus, which is a cloud-based storage solution that enables subscribers to access, edit and share content; Quik, which is a mobile editing application that creates edits on a smartphone; Capture, which is a mobile application that allows users to preview and play back shots, control their GoPro cameras and share content on the fly using their smartphones; Karma, which is its compact and foldable drone and versatile stabilization solution that includes the Karma controller, and camera stabilizer, and it all fits in a custom backpack, and Karma Grip, which is a handheld, body-mountable camera stabilizer.
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