Zacks Investment Research upgraded shares of GoPro Inc. (NASDAQ:GPRO) from a hold rating to a buy rating in a research note published on Tuesday morning. The brokerage currently has $19.00 price objective on the stock.
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.”
Several other brokerages have also weighed in on GPRO. Wedbush increased their target price on shares of GoPro from $14.50 to $17.50 and gave the stock an outperform rating in a research note on Tuesday, September 20th. Oppenheimer Holdings Inc. reaffirmed a market perform rating on shares of GoPro in a research note on Monday, August 8th. Robert W. Baird reaffirmed a neutral rating and set a $10.00 target price on shares of GoPro in a research note on Thursday, September 22nd. JPMorgan Chase & Co. reaffirmed a buy rating and set a $17.00 target price on shares of GoPro in a research note on Friday, June 17th. Finally, Piper Jaffray Cos. set a $9.00 target price on shares of GoPro and gave the stock a sell rating in a research note on Wednesday, September 21st. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $15.94.
GoPro (NASDAQ:GPRO) last announced its earnings results on Wednesday, July 27th. The company reported ($0.52) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.58) by $0.06. The company earned $220.80 million during the quarter, compared to analyst estimates of $194.37 million. GoPro had a negative net margin of 17.31% and a negative return on equity of 27.52%. GoPro’s revenue was down 47.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.35 earnings per share.
In related news, Director Edward A. Gilhuly sold 700,000 shares of GoPro stock in a transaction on Friday, August 19th. The shares were sold at an average price of $15.12, for a total value of $10,584,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Anthony John Bates sold 9,704 shares of GoPro stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $14.16, for a total transaction of $137,408.64. Following the completion of the transaction, the president now owns 398,137 shares in the company, valued at $5,637,619.92. The disclosure for this sale can be found here. 28.69% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of GPRO. Advisor Group Inc. bought a new stake in shares of GoPro during the second quarter valued at approximately $100,000. Emerald Acquisition Ltd. bought a new stake in shares of GoPro during the second quarter valued at approximately $111,000. Penserra Capital Management LLC raised its stake in shares of GoPro by 42.9% in the second quarter. Penserra Capital Management LLC now owns 10,533 shares of the company’s stock valued at $114,000 after buying an additional 3,164 shares during the last quarter. BlueMountain Capital Management LLC bought a new stake in shares of GoPro during the first quarter valued at approximately $117,000. Finally, Marathon Trading Investment Management LLC raised its stake 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 valued at $120,000 after buying an additional 80,800 shares during the last quarter. Hedge funds and other institutional investors own 28.46% of the company’s stock.
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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