GoPro (GPRO) Shares Gap Down Following Analyst Downgrade

Shares of GoPro Inc (NASDAQ:GPRO) gapped down before the market opened on Wednesday after Zacks Investment Research downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $6.09, but opened at $6.17. GoPro shares last traded at $6.01, with a volume of 4373025 shares.

Several other analysts also recently commented on the stock. BidaskClub downgraded shares of GoPro from a “sell” rating to a “strong sell” rating in a report on Saturday, December 9th. Wedbush reaffirmed a “neutral” rating on shares of GoPro in a report on Thursday, October 26th. Vetr raised shares of GoPro from a “sell” rating to a “strong-buy” rating and set a $11.55 target price for the company in a report on Thursday, October 19th. Longbow Research raised shares of GoPro from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $9.60 to $13.00 in a report on Wednesday, October 18th. They noted that the move was a valuation call. Finally, Bank of America lifted their target price on shares of GoPro from $8.00 to $9.00 and gave the stock an “underperform” rating in a report on Tuesday, October 31st. Seven analysts have rated the stock with a sell rating, twelve have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $8.74.

In other GoPro news, Director Anthony John Bates sold 17,023 shares of the business’s stock in a transaction dated Wednesday, December 6th. The shares were sold at an average price of $7.98, for a total value of $135,843.54. Following the completion of the sale, the director now owns 99,459 shares of the company’s stock, valued at approximately $793,682.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Nicholas Woodman sold 515,000 shares of the business’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $9.30, for a total transaction of $4,789,500.00. The disclosure for this sale can be found here. Insiders sold a total of 704,907 shares of company stock valued at $6,478,800 in the last three months. Insiders own 28.58% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of GPRO. Vanguard Group Inc. raised its position in shares of GoPro by 6.7% in the 2nd quarter. Vanguard Group Inc. now owns 7,093,763 shares of the company’s stock valued at $57,672,000 after buying an additional 444,109 shares in the last quarter. State Street Corp raised its position in shares of GoPro by 6.7% in the 2nd quarter. State Street Corp now owns 1,914,069 shares of the company’s stock valued at $15,563,000 after buying an additional 120,250 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new position in shares of GoPro in the 3rd quarter valued at approximately $7,495,000. Schwab Charles Investment Management Inc. raised its position in shares of GoPro by 11.7% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 621,960 shares of the company’s stock valued at $6,848,000 after buying an additional 65,097 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of GoPro by 2.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 573,002 shares of the company’s stock valued at $4,658,000 after buying an additional 12,530 shares in the last quarter. 26.07% of the stock is owned by hedge funds and other institutional investors.

The company has a market cap of $897.65, a PE ratio of -3.58, a P/E/G ratio of 8.36 and a beta of 0.53. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.08 and a current ratio of 1.65.

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About GoPro

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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