GoPro, Inc. (NASDAQ:GPRO) Sees Significant Increase in Short Interest

Key Points

• GoPro, Inc. experienced a significant increase in short interest, rising 29.5% to 15,860,000 shares as of August 31st, with a short-interest ratio of 1.4 days.
• The stock received mixed analyst ratings, with Morgan Stanley maintaining an "underweight" rating while Wall Street Zen upgraded it to "hold," resulting in a consensus rating of "Reduce" with an average price target of $0.75.
• Insider activity showed EVP Brian McGee selling 150,043 shares at an average price of $1.24, marking a 16.13% reduction in his position, while institutional investors increased their stakes significantly during the first quarter.

GoPro, Inc. (NASDAQ:GPRO - Get Free Report) was the target of a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 15,860,000 shares, a growth of 29.5% from the August 15th total of 12,250,000 shares. Based on an average daily trading volume, of 11,050,000 shares, the short-interest ratio is presently 1.4 days. Approximately 13.7% of the company's stock are short sold. Approximately 13.7% of the company's stock are short sold. Based on an average daily trading volume, of 11,050,000 shares, the short-interest ratio is presently 1.4 days.

GoPro Stock Performance

Shares of GPRO traded down $0.05 on Friday, hitting $2.50. 8,262,508 shares of the stock traded hands, compared to its average volume of 6,985,444. The company has a market capitalization of $394.67 million, a PE ratio of -3.62 and a beta of 1.51. The business has a 50 day simple moving average of $1.45 and a 200 day simple moving average of $0.94. GoPro has a one year low of $0.40 and a one year high of $2.63.

Insider Buying and Selling

In other GoPro news, EVP Brian Mcgee sold 150,043 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $1.24, for a total value of $186,053.32. Following the completion of the sale, the executive vice president directly owned 779,974 shares in the company, valued at $967,167.76. This trade represents a 16.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 18.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On GoPro

Several institutional investors and hedge funds have recently added to or reduced their stakes in GPRO. AQR Capital Management LLC boosted its stake in shares of GoPro by 957.3% during the 1st quarter. AQR Capital Management LLC now owns 3,687,711 shares of the company's stock worth $2,445,000 after acquiring an additional 3,338,941 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in GoPro by 132.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,236,823 shares of the company's stock valued at $2,146,000 after acquiring an additional 1,841,983 shares during the last quarter. GSA Capital Partners LLP increased its holdings in GoPro by 99.5% in the 1st quarter. GSA Capital Partners LLP now owns 1,723,421 shares of the company's stock valued at $1,142,000 after acquiring an additional 859,677 shares during the last quarter. Allianz Asset Management GmbH bought a new stake in GoPro in the 2nd quarter valued at $474,000. Finally, Militia Capital Partners LP bought a new stake in GoPro in the 2nd quarter valued at $379,000. Hedge funds and other institutional investors own 70.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Morgan Stanley reaffirmed an "underweight" rating on shares of GoPro in a research note on Tuesday, August 12th. Wall Street Zen raised GoPro from a "sell" rating to a "hold" rating in a research report on Friday, September 5th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $0.75.

About GoPro

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.