GoPro (NASDAQ:GPRO) Shares Pass Above 200-Day Moving Average - Here's Why

GoPro, Inc. (NASDAQ:GPRO - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $0.78 and traded as high as $0.79. GoPro shares last traded at $0.79, with a volume of 3,475,303 shares.

Wall Street Analysts Forecast Growth

Several research firms recently commented on GPRO. Wedbush reaffirmed a "neutral" rating and set a $0.75 target price (down from $1.00) on shares of GoPro in a report on Tuesday, May 13th. Wall Street Zen raised GoPro from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd.

GoPro Stock Up 4.6%

The company has a market cap of $129.19 million, a PE ratio of -0.91 and a beta of 1.38. The business has a 50-day simple moving average of $0.71 and a 200-day simple moving average of $0.78.

Hedge Funds Weigh In On GoPro

A number of hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC lifted its position in shares of GoPro by 14.4% in the fourth quarter. Renaissance Technologies LLC now owns 1,310,400 shares of the company's stock valued at $1,428,000 after acquiring an additional 164,600 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of GoPro by 59.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 284,835 shares of the company's stock valued at $311,000 after acquiring an additional 106,553 shares in the last quarter. MetLife Investment Management LLC lifted its position in shares of GoPro by 90.4% in the fourth quarter. MetLife Investment Management LLC now owns 36,134 shares of the company's stock valued at $39,000 after acquiring an additional 17,158 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of GoPro by 4.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 515,494 shares of the company's stock valued at $562,000 after acquiring an additional 20,141 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of GoPro by 19.5% in the fourth quarter. Bank of America Corp DE now owns 346,917 shares of the company's stock valued at $378,000 after acquiring an additional 56,586 shares in the last quarter. Hedge funds and other institutional investors own 70.09% of the company's stock.

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.