Bank of America Corp. Reaffirms Buy Rating for GoPro Inc. (GPRO)
GoPro Inc. (NASDAQ:GPRO)‘s stock had its “buy” rating reissued by research analysts at Bank of America Corp. in a report released on Wednesday. They currently have a $19.00 target price on the stock. Bank of America Corp.’s price objective points to a potential upside of 11.83% from the company’s previous close.
Several other research analysts have also recently weighed in on the company. Zacks Investment Research raised GoPro from a “hold” rating to a “buy” rating and set a $19.00 target price for the company in a research note on Tuesday. BlueFin Research reaffirmed an “add” rating on shares of GoPro in a research note on Monday. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of GoPro in a research note on Friday, September 23rd. Robert W. Baird reiterated a “neutral” rating and issued a $10.00 price target on shares of GoPro in a research report on Thursday, September 22nd. Finally, Goldman Sachs Group Inc. reiterated a “neutral” rating and issued a $14.00 price target (up previously from $12.50) on shares of GoPro in a research report on Thursday, September 22nd. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $15.94.
GoPro (NASDAQ:GPRO) traded up 1.19% on Wednesday, hitting $16.99. 7,939,548 shares of the stock were exchanged. The company’s market cap is $2.37 billion. The company’s 50-day moving average is $14.76 and its 200-day moving average is $12.31. GoPro has a 52 week low of $8.62 and a 52 week high of $31.95.
GoPro (NASDAQ:GPRO) last announced its earnings results on Wednesday, July 27th. The company reported ($0.52) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.58) by $0.06. GoPro had a negative return on equity of 27.52% and a negative net margin of 17.31%. The business earned $220.80 million during the quarter, compared to analysts’ expectations of $194.37 million. During the same quarter last year, the business posted $0.35 earnings per share. The company’s quarterly revenue was down 47.4% on a year-over-year basis. On average, analysts predict that GoPro will post ($1.07) earnings per share for the current year.
In other news, President Anthony John Bates sold 9,704 shares of GoPro stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $14.16, for a total transaction of $137,408.64. Following the sale, the president now owns 398,137 shares of the company’s stock, valued at approximately $5,637,619.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael E. Marks sold 40,000 shares of GoPro stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $15.58, for a total value of $623,200.00. The disclosure for this sale can be found here. Insiders own 28.69% of the company’s stock.
Several hedge funds have recently made changes to their positions in GPRO. Riverhead Capital Management LLC purchased a new stake in shares of GoPro during the first quarter valued at $1,220,000. Sanders Morris Harris Inc. raised its stake in shares of 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 in the last quarter. Seven Eight Capital LLC raised its stake in shares of 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 in the last quarter. HBK Investments L P bought a new stake in shares of GoPro during the first quarter valued at approximately $357,000. Finally, Norges Bank bought a new stake in shares of GoPro during the fourth quarter valued at approximately $10,583,000. 28.46% of the stock is currently owned by institutional investors.
GoPro Company Profile
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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