GoPro (GPRO) Shares Gap Down Following Analyst Downgrade

GoPro Inc (NASDAQ:GPRO) gapped down before the market opened on Wednesday after Citigroup lowered their price target on the stock to $7.00. The stock had previously closed at $6.09, but opened at $6.17. Citigroup currently has a neutral rating on the stock. GoPro shares last traded at $6.01, with a volume of 4373025 shares trading hands.

GPRO has been the topic of a number of other research reports. Vetr raised GoPro from a “sell” rating to a “strong-buy” rating and set a $11.55 price target on the stock in a research note on Thursday, October 19th. JPMorgan Chase & Co. set a $9.00 target price on GoPro and gave the stock a “buy” rating in a research report on Monday. BidaskClub lowered GoPro from a “sell” rating to a “strong sell” rating in a research report on Saturday, December 9th. Longbow Research raised GoPro from a “neutral” rating to a “buy” rating and increased their target price for the stock from $9.60 to $13.00 in a research report on Wednesday, October 18th. They noted that the move was a valuation call. Finally, Bank of America increased their target price on GoPro from $8.00 to $9.00 and gave the stock an “underperform” rating in a research report on Tuesday, October 31st. 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. GoPro presently has a consensus rating of “Hold” and a consensus target price of $8.74.

In other news, CFO Brian Mcgee sold 7,541 shares of GoPro stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $8.23, for a total transaction of $62,062.43. Following the sale, the chief financial officer now owns 79,167 shares of the company’s stock, valued at $651,544.41. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Anthony John Bates sold 17,023 shares of GoPro 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 sale, the director now directly owns 99,459 shares in the company, valued at approximately $793,682.82. The disclosure for this sale can be found here. Insiders sold 704,907 shares of company stock worth $6,478,800 in the last three months. 28.58% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the stock. Argent Capital Management LLC bought a new stake in GoPro during the third quarter worth approximately $1,028,000. Cubist Systematic Strategies LLC raised its holdings in GoPro by 416.1% during the third quarter. Cubist Systematic Strategies LLC now owns 29,158 shares of the company’s stock worth $321,000 after purchasing an additional 23,508 shares in the last quarter. Boothbay Fund Management LLC bought a new stake in GoPro during the third quarter worth approximately $266,000. Commerzbank Aktiengesellschaft FI raised its holdings in GoPro by 27.5% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 485,295 shares of the company’s stock worth $5,343,000 after purchasing an additional 104,766 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in GoPro by 11.7% during the third quarter. Schwab Charles Investment Management Inc. now owns 621,960 shares of the company’s stock worth $6,848,000 after purchasing an additional 65,097 shares in the last quarter. 26.07% of the stock is currently owned by hedge funds and other institutional investors.

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 stock has a market cap of $883.05, a PE ratio of -3.52, a PEG ratio of 8.36 and a beta of 0.53.

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GoPro Company Profile

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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