GoPro, Inc. (GPRO) Upgraded by Zacks Investment Research to “Buy”
GoPro, Inc. (NASDAQ:GPRO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The firm presently has a $12.00 price target on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 8.21% from the stock’s current price.
According to Zacks, “GoPro has been making company-wide restructuring efforts, which include a combination of programs to cut costs. GoPro’s revenues are growing, driven by robust sales of the latest Hero5 cameras, the re-launch of Karma and strong accessory sales. GoPro has been aiming towards transforming itself from the ‘camera maker’ to ‘content maker’, and has taken significant steps to diversify into higher-margin businesses including video editing and virtual reality. GoPro is also making strategic investments in talent, technology, software and innovative products for quite some time now. The company has also resumed Karma sales and plans to ramp production further. However, over the past one year, GoPro shares have significantly underperformed the industry’s average return. Multiple operational stumbles including product recalls, messed up launches, production delays and supply chain issues have added to the woes.”
GPRO has been the topic of several other reports. Dougherty & Co raised their target price on shares of GoPro from $5.00 to $7.00 and gave the stock a “sell” rating in a research report on Monday. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of GoPro in a research report on Friday, September 29th. Wedbush reaffirmed a “neutral” rating and set a $10.00 price target (down previously from $11.48) on shares of GoPro in a research report on Friday, September 29th. Vetr downgraded shares of GoPro from a “buy” rating to a “hold” rating and set a $11.84 price target on the stock. in a research note on Monday, September 18th. Finally, Morgan Stanley increased their price target on shares of GoPro from $8.50 to $9.50 and gave the stock an “equal weight” rating in a research note on Friday, September 8th. Six research analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have issued a buy rating to the stock. GoPro currently has an average rating of “Hold” and an average price target of $9.27.
GoPro (NASDAQ:GPRO) remained flat at $11.09 during trading on Wednesday. The company had a trading volume of 2,624,437 shares. The firm’s market cap is $1.50 billion. GoPro has a 52 week low of $7.14 and a 52 week high of $17.68. The stock’s 50 day moving average is $10.18 and its 200-day moving average is $8.92.
GoPro (NASDAQ:GPRO) last posted 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 27.88% and a negative return on equity of 41.52%. The company had revenue of $296.52 million during the quarter, compared to the consensus estimate of $268.94 million. During the same quarter in the prior year, the company posted ($0.52) EPS. The company’s quarterly revenue was up 34.3% compared to the same quarter last year. On average, equities research analysts forecast that GoPro will post $0.05 earnings per share for the current fiscal year.
In related news, Director Anthony John Bates sold 25,529 shares of the business’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $10.17, for a total value of $259,629.93. Following the transaction, the director now owns 116,482 shares in the company, valued at $1,184,621.94. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Charles J. Prober sold 24,918 shares of the business’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $11.00, for a total value of $274,098.00. Following the completion of the transaction, the chief operating officer now owns 148,493 shares in the company, valued at approximately $1,633,423. The disclosure for this sale can be found here. Insiders have sold 51,344 shares of company stock valued at $542,205 over the last 90 days. Insiders own 28.58% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of GPRO. Bank of New York Mellon Corp grew its stake in GoPro by 5.3% during the 1st quarter. Bank of New York Mellon Corp now owns 470,599 shares of the company’s stock valued at $4,095,000 after purchasing an additional 23,641 shares in the last quarter. Swiss National Bank raised its position in shares of GoPro by 3.9% in the 1st quarter. Swiss National Bank now owns 145,600 shares of the company’s stock valued at $1,267,000 after purchasing an additional 5,500 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in shares of GoPro by 33.6% in the 1st quarter. UBS Asset Management Americas Inc. now owns 52,076 shares of the company’s stock valued at $453,000 after purchasing an additional 13,106 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of GoPro by 25.9% in the 1st quarter. Parametric Portfolio Associates LLC now owns 49,887 shares of the company’s stock valued at $434,000 after purchasing an additional 10,264 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in shares of GoPro by 3.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 21,061 shares of the company’s stock valued at $183,000 after purchasing an additional 695 shares in the last quarter. Hedge funds and other institutional investors own 24.37% of the company’s stock.
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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