GoPro Inc. (GPRO) Stock Rating Upgraded by Zacks Investment Research
GoPro Inc. (NASDAQ:GPRO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $19.00 target price on the stock. Zacks Investment Research’s price target suggests a potential upside of 11.83% from the stock’s previous close.
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. Also, GoPro is exploring several new revenue streams, including Karma, Virtual Reality and licensing content shot on its cameras to media companies. However, GoPro has had a dismal earnings history, having missed earnings thrice in the trailing four quarters. Stiff competition and ongoing sluggishness in the wearable camera market indicate challenging times ahead for GoPro.”
Other analysts have also issued research reports about the company. Longbow Research assumed coverage on GoPro in a report on Tuesday, June 14th. They set a “neutral” rating and a $11.88 target price on the stock. Piper Jaffray Cos. reiterated an “underweight” rating and set a $6.50 target price on shares of GoPro in a report on Wednesday, June 15th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $17.00 target price on shares of GoPro in a report on Friday, June 17th. Oppenheimer Holdings Inc. reiterated a “market perform” rating and set a $43.00 target price on shares of GoPro in a report on Friday, July 15th. Finally, Dougherty & Co reiterated a “hold” rating on shares of GoPro in a report on Monday, July 18th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. GoPro has a consensus rating of “Hold” and an average target price of $15.94.
Shares of GoPro (NASDAQ:GPRO) opened at 16.99 on Tuesday. The stock’s 50 day moving average price is $14.83 and its 200 day moving average price is $12.34. GoPro has a one year low of $8.62 and a one year high of $31.95. The firm’s market cap is $2.37 billion.
GoPro (NASDAQ:GPRO) last issued its quarterly earnings results on Wednesday, July 27th. The company reported ($0.52) EPS for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.06. The company had revenue of $220.80 million for the quarter, compared to analyst estimates of $194.37 million. GoPro had a negative return on equity of 27.52% and a negative net margin of 17.31%. The company’s quarterly revenue was down 47.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.35 earnings per share. On average, equities analysts anticipate that GoPro will post ($1.07) earnings per share for the current fiscal year.
In other news, Director Edward A. Gilhuly sold 700,000 shares of the stock in a transaction on Friday, August 19th. The stock was sold at an average price of $15.12, for a total value of $10,584,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $137,408.64. Following the completion of the transaction, the president now owns 398,137 shares of the company’s stock, valued at $5,637,619.92. The disclosure for this sale can be found here. Company insiders own 28.69% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlueMountain Capital Management LLC purchased a new position in shares of GoPro during the first quarter worth approximately $117,000. Seven Eight Capital LLC boosted its position 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 worth $133,000 after buying an additional 10,813 shares during the last quarter. Marathon Trading Investment Management LLC boosted its position in shares of GoPro by 114.1% in the first quarter. Marathon Trading Investment Management LLC now owns 10,000 shares of the company’s stock worth $120,000 after buying an additional 80,800 shares during the last quarter. HBK Investments L P purchased a new position in shares of GoPro during the first quarter worth approximately $357,000. Finally, Riverhead Capital Management LLC purchased a new position in shares of GoPro during the first quarter worth approximately $1,220,000. 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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