GPRO Stock: GoPro Cut to “Hold” at Zacks Investment Research

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GoPro (NASDAQ:GPRO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, November 29th.

According to Zacks, “GoPro boasts a striking earnings surprise history, with consecutive earnings beats in the four trailing quarters. GoPro is experiencing robust sales of its latest Hero5 cameras and had successful launch of its premium-priced HERO6 Black with global on-shelf availability. The company has been aiming toward 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. However, GoPro shares have significantly underperformed the industry’s average return on a year-to-date basis. Multiple operational stumbles including product recalls, messed up launches, production delays and supply chain issues have added to the woes.”

Several other research analysts have also recently commented on the company. Vetr raised GoPro from a “sell” rating to a “strong-buy” rating and set a $11.55 price target for the company in a research report on Thursday, October 19th. J P Morgan Chase & Co reissued an “overweight” rating and set a $13.00 price target on shares of GoPro in a research report on Saturday, August 26th. Morgan Stanley upped their price objective on GoPro from $8.50 to $9.50 and gave the company an “equal weight” rating in a research note on Friday, September 8th. Citigroup dropped their price objective on GoPro from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, November 2nd. Finally, BidaskClub lowered GoPro from a “hold” rating to a “sell” rating in a research note on Saturday, August 19th. Six equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $9.68.

GoPro (NASDAQ:GPRO) traded up $0.03 during trading hours on Wednesday, reaching $8.02. The company’s stock had a trading volume of 3,175,210 shares, compared to its average volume of 2,993,067. The company has a quick ratio of 1.08, a current ratio of 1.65 and a debt-to-equity ratio of 0.38. GoPro has a 1 year low of $7.14 and a 1 year high of $11.89.

In related news, 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 sale, the chief operating officer now directly owns 148,493 shares of the company’s stock, valued at approximately $1,633,423. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anthony John Bates sold 17,023 shares of GoPro 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 transaction, the director now owns 99,459 shares of the company’s stock, valued at approximately $793,682.82. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 729,825 shares of company stock valued at $6,752,898. 28.58% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in GPRO. Teachers Advisors LLC boosted its stake in GoPro by 3.1% during the 1st quarter. Teachers Advisors LLC now owns 177,167 shares of the company’s stock valued at $1,541,000 after purchasing an additional 5,373 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of GoPro by 0.9% in the 1st quarter. TIAA CREF Investment Management LLC now owns 274,610 shares of the company’s stock worth $2,389,000 after buying an additional 2,347 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of GoPro by 2.0% in the 1st quarter. California Public Employees Retirement System now owns 182,800 shares of the company’s stock worth $1,590,000 after buying an additional 3,500 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of GoPro by 5.3% in the 1st quarter. Vanguard Group Inc. now owns 6,649,654 shares of the company’s stock worth $57,851,000 after buying an additional 335,744 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of GoPro by 9.6% in the 1st quarter. Geode Capital Management LLC now owns 804,345 shares of the company’s stock worth $6,997,000 after buying an additional 70,449 shares during the last quarter. Institutional investors and hedge funds own 26.09% of the company’s stock.

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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Analyst Recommendations for GoPro (NASDAQ:GPRO)

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