GoPro (NASDAQ:GPRO) Stock Moved Up to Hold by Zacks Research

Key Points

• Zacks Research upgraded GoPro from “strong sell” to “hold,” although the broader analyst consensus remains “Reduce,” with one Hold and one Sell rating.
• GoPro shares opened at $1.18, while the company reported a quarterly loss of $0.21 per share and revenue of $104.93 million—both below analyst expectations.
• Institutional investors increased their positions in GoPro, and institutions and hedge funds now own approximately 70.09% of the company’s outstanding stock.

GoPro (NASDAQ:GPRO - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Monday, Zacks reports.

Several other research analysts also recently issued reports on the stock. Weiss Ratings upgraded shares of GoPro from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, July 20th. Wall Street Zen upgraded shares of GoPro from a "strong sell" rating to a "sell" rating in a research note on Sunday, August 23rd. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Reduce".

GoPro Stock Down 0.8%

Shares of GPRO stock opened at $1.18 on Monday. GoPro has a 12 month low of $0.57 and a 12 month high of $2.73. The firm has a market cap of $217.71 million, a PE ratio of -1.19 and a beta of 2.43. The stock has a 50 day moving average of $1.08 and a 200-day moving average of $0.98.

GoPro (NASDAQ:GPRO - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.23). GoPro had a negative return on equity of 411.41% and a negative net margin of 28.52%. The company had revenue of $104.93 million during the quarter, compared to analyst estimates of $151.47 million. As a group, equities analysts predict that GoPro will post -0.81 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its holdings in shares of GoPro by 137.1% in the first quarter. Renaissance Technologies LLC now owns 1,625,900 shares of the company's stock valued at $1,252,000 after buying an additional 940,300 shares during the period. OMERS ADMINISTRATION Corp raised its holdings in shares of GoPro by 59.4% during the first quarter. OMERS ADMINISTRATION Corp now owns 265,800 shares of the company's stock worth $205,000 after acquiring an additional 99,100 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in shares of GoPro by 615.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 92,665 shares of the company's stock worth $131,000 after acquiring an additional 79,706 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of GoPro by 27.4% during the first quarter. Assenagon Asset Management S.A. now owns 162,535 shares of the company's stock worth $125,000 after acquiring an additional 34,961 shares during the period. Finally, R Squared Ltd lifted its position in GoPro by 49.4% in the 1st quarter. R Squared Ltd now owns 97,067 shares of the company's stock valued at $75,000 after acquiring an additional 32,113 shares in the last quarter. 70.09% of the stock is currently owned by institutional investors and hedge funds.

About GoPro

GoPro, Inc develops and sells compact cameras and related products designed to capture immersive photos and video during travel, sports, outdoor recreation and everyday activities. Its product portfolio includes HERO action cameras, MAX 360-degree cameras, camera accessories, mounts and other equipment used by consumers, creators and professionals.

The company also provides software and digital services that support content capture, editing, storage and sharing. Its Quik mobile and desktop applications are designed to help users organize and edit footage, while GoPro subscription offerings provide features such as cloud storage, automatic uploads, editing tools, camera replacement benefits and discounts on products and accessories.

Founded in 2002 by Nicholas Woodman, GoPro grew from a wrist-mounted camera concept into a global action-camera brand.

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