GoPro (GPRO) Trading Down 12.8% on Analyst Downgrade

GoPro Inc (NASDAQ:GPRO)’s share price dropped 12.8% on Tuesday after Citigroup lowered their price target on the stock to $7.00. Citigroup currently has a neutral rating on the stock. GoPro traded as low as $5.04 and last traded at $6.56. Approximately 59,758,500 shares were traded during trading, an increase of 287% from the average daily volume of 15,452,740 shares. The stock had previously closed at $7.52.

Several other brokerages have also recently issued reports on GPRO. Wedbush reaffirmed a “neutral” rating and issued a $10.00 target price (down from $11.48) on shares of GoPro in a report on Friday, September 29th. Zacks Investment Research raised GoPro from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research note on Wednesday, October 4th. JPMorgan Chase & Co. set a $9.00 price objective on GoPro and gave the stock a “buy” rating in a research note on Monday. Oppenheimer reissued a “hold” rating on shares of GoPro in a research note on Friday, September 29th. Finally, BidaskClub cut GoPro from a “sell” rating to a “strong sell” rating in a research note on Saturday, December 9th. Six investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $8.74.

In related news, CEO Nicholas Woodman sold 165,343 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $9.02, for a total value of $1,491,393.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anthony John Bates sold 17,023 shares of the business’s stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $7.98, for a total value of $135,843.54. Following the completion of the sale, the director now owns 99,459 shares of the company’s stock, valued at approximately $793,682.82. The disclosure for this sale can be found here. Insiders sold 704,907 shares of company stock valued at $6,478,800 in the last quarter. 28.58% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in GPRO. Fuller & Thaler Asset Management Inc. purchased a new stake in GoPro during the third quarter worth $7,495,000. Vanguard Group Inc. lifted its holdings in GoPro by 6.7% during the second quarter. Vanguard Group Inc. now owns 7,093,763 shares of the company’s stock worth $57,672,000 after buying an additional 444,109 shares during the period. Capital Fund Management S.A. lifted its holdings in GoPro by 338.7% during the second quarter. Capital Fund Management S.A. now owns 456,870 shares of the company’s stock worth $3,714,000 after buying an additional 352,740 shares during the period. Wells Fargo & Company MN lifted its holdings in GoPro by 266.1% during the second quarter. Wells Fargo & Company MN now owns 292,349 shares of the company’s stock worth $2,376,000 after buying an additional 212,486 shares during the period. Finally, Engineers Gate Manager LP lifted its holdings in GoPro by 1,324.2% during the second quarter. Engineers Gate Manager LP now owns 193,688 shares of the company’s stock worth $1,575,000 after buying an additional 180,088 shares during the period. Hedge funds and other institutional investors own 26.07% of the company’s stock.

The company has a debt-to-equity ratio of 0.38, a current ratio of 1.65 and a quick ratio of 1.08. The company has a market capitalization of $900.57, a price-to-earnings ratio of -3.59, a price-to-earnings-growth ratio of 8.36 and a beta of 0.53.

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About GoPro

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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