GoPro, Inc. (GPRO) Raised to Buy at 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 to clients and investors on Wednesday. The brokerage presently has a $12.00 price target on the stock. Zacks Investment Research‘s target price indicates a potential upside of 21.46% from the company’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.”
Several other analysts also recently weighed in on the company. J P Morgan Chase & Co increased their target price on GoPro from $13.00 to $15.00 and gave the company an “overweight” rating in a research note on Thursday, September 7th. Morgan Stanley increased their target price on GoPro from $8.50 to $9.50 and gave the company an “equal weight” rating in a research note on Friday, September 8th. Vetr downgraded GoPro from a “strong-buy” rating to a “buy” rating and set a $8.98 target price for the company. in a research note on Wednesday, June 28th. Citigroup Inc. restated a “neutral” rating and set a $10.50 target price on shares of GoPro in a research note on Friday, September 8th. Finally, BidaskClub upgraded GoPro from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Six analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $9.27.
Shares of GoPro (NASDAQ:GPRO) traded up 2.17% during trading on Wednesday, hitting $9.88. The company’s stock had a trading volume of 10,384,664 shares. The firm’s 50 day moving average is $10.22 and its 200-day moving average is $8.94. GoPro has a 1-year low of $7.14 and a 1-year high of $16.77. The company’s market capitalization is $1.34 billion.
GoPro (NASDAQ:GPRO) last announced its earnings results on Thursday, August 3rd. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.20. GoPro had a negative return on equity of 41.52% and a negative net margin of 27.88%. The firm 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 earned ($0.52) EPS. The firm’s revenue for the quarter was up 34.3% compared to the same quarter last year. Analysts forecast that GoPro will post $0.05 EPS for the current fiscal year.
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In related news, COO Charles J. Prober sold 24,918 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $11.00, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Anthony John Bates sold 25,529 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,184,621.94. The disclosure for this sale can be found here. Insiders have sold a total of 51,344 shares of company stock valued at $542,205 in the last 90 days. 28.58% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Nomura Holdings Inc. increased its holdings in GoPro by 5.4% during the 2nd quarter. Nomura Holdings Inc. now owns 13,769 shares of the company’s stock valued at $112,000 after purchasing an additional 704 shares in the last quarter. Amalgamated Bank increased its holdings in GoPro by 14.6% during the 2nd quarter. Amalgamated Bank now owns 14,564 shares of the company’s stock valued at $118,000 after purchasing an additional 1,858 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its holdings in GoPro by 195.5% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 16,250 shares of the company’s stock valued at $132,000 after purchasing an additional 10,750 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in GoPro by 3.4% during 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. Finally, Invictus RG acquired a new stake in GoPro during the 1st quarter valued at $195,000. 24.37% of the stock is owned by hedge funds and other institutional investors.
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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