GoPro (NASDAQ:GPRO) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of GoPro (NASDAQ:GPRO) from a sell rating to a hold rating in a research note released on Wednesday morning.

Separately, Wedbush cut their price objective on GoPro from $2.00 to $1.50 and set a neutral rating on the stock in a report on Wednesday, August 7th.

GoPro Stock Down 3.2 %

GPRO stock opened at $1.22 on Wednesday. The firm has a 50-day moving average price of $1.39 and a 200-day moving average price of $1.69. GoPro has a 12 month low of $1.16 and a 12 month high of $3.80. The company has a current ratio of 1.47, a quick ratio of 1.07 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $182.87 million, a P/E ratio of -0.51 and a beta of 1.56.

GoPro (NASDAQ:GPRO) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.01. GoPro had a negative net margin of 42.19% and a negative return on equity of 24.57%. The business had revenue of $186.22 million during the quarter, compared to analysts’ expectations of $170.02 million. During the same period in the prior year, the company earned ($0.13) EPS. The firm’s quarterly revenue was down 22.7% compared to the same quarter last year. As a group, equities research analysts anticipate that GoPro will post -0.67 EPS for the current fiscal year.

Institutional Investors Weigh In On GoPro

Institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC increased its holdings in GoPro by 109.7% in the second quarter. Acadian Asset Management LLC now owns 4,415,441 shares of the company’s stock valued at $6,267,000 after purchasing an additional 2,309,500 shares during the period. Greenlight Capital Inc. grew its position in shares of GoPro by 6.3% in the 4th quarter. Greenlight Capital Inc. now owns 2,823,100 shares of the company’s stock valued at $9,796,000 after buying an additional 166,640 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of GoPro by 13.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,677,795 shares of the company’s stock valued at $5,822,000 after buying an additional 197,046 shares during the period. Cubist Systematic Strategies LLC raised its position in shares of GoPro by 396.6% during the second quarter. Cubist Systematic Strategies LLC now owns 523,745 shares of the company’s stock worth $744,000 after acquiring an additional 418,288 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of GoPro by 13.4% in the second quarter. Bank of New York Mellon Corp now owns 452,395 shares of the company’s stock worth $642,000 after acquiring an additional 53,614 shares during the period. 70.09% of the stock is owned by institutional investors.

GoPro Company Profile

GoPro, Inc develops and sells cameras, mountable and wearable accessories, and subscription services and software in the Americas, Europe, the Middle East, Africa, the Asia and Pacific region, and internationally. The company provides cloud connected HERO12 Black, HERO11 Black, HERO11 Black Mini, HERO10 Black, HERO10 Black Bones, and HERO9 Black waterproof cameras; MAX, a 360-degree waterproof camera; Premium and Premium+ subscription services, which include full access to the Quik app, cloud storage supporting source video and photo quality, camera replacement, and damage protection; Quik subscription that offers access to editing tools, which allows users to edit photos, videos, and create cinematic stories; and Quik desktop and mobile apps that enable users to get their favorite photos and videos with footage from any phone or camera.