Investors Buy Large Volume of Call Options on GoPro (NASDAQ:GPRO)

Key Points

• On Monday, investors purchased 49,541 call options for GoPro, marking a significant 326% increase compared to its average volume of 11,619 options.
• GoPro's stock price rose to $2.35, with an unusually high trading volume of over 19 million shares, well above its average of 6.8 million shares.
• Several brokerages have changed their ratings on GoPro, with Wall Street Zen moving it from a "sell" to a "hold," while the stock's average price target stands at $0.75.

GoPro, Inc. (NASDAQ:GPRO - Get Free Report) was the recipient of some unusual options trading on Monday. Stock traders acquired 49,541 call options on the stock. This is an increase of 326% compared to the average volume of 11,619 call options.

GoPro Price Performance

Shares of GoPro stock traded up $0.28 during trading on Monday, hitting $2.35. The stock had a trading volume of 19,295,657 shares, compared to its average volume of 6,766,425. The firm's fifty day simple moving average is $1.32 and its 200-day simple moving average is $0.90. The stock has a market cap of $370.93 million, a PE ratio of -3.38 and a beta of 1.51. GoPro has a 12 month low of $0.40 and a 12 month high of $2.47.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GPRO. Wall Street Zen raised shares of GoPro from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. Morgan Stanley reaffirmed an "underweight" rating on shares of GoPro in a research note on Tuesday, August 12th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $0.75.

Insider Activity at GoPro

In related news, EVP Brian Mcgee sold 150,043 shares of GoPro stock in a transaction on Wednesday, August 20th. The stock was 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 owned 779,974 shares of the company's stock, valued at $967,167.76. The trade was a 16.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 18.38% of the stock is owned by insiders.

Institutional Investors Weigh In On GoPro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its position in GoPro by 957.3% during the 1st quarter. AQR Capital Management LLC now owns 3,687,711 shares of the company's stock valued at $2,445,000 after purchasing an additional 3,338,941 shares during the period. Charles Schwab Investment Management Inc. increased its position in GoPro by 132.1% during 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 purchasing an additional 1,841,983 shares during the period. GSA Capital Partners LLP grew its position in shares of GoPro by 99.5% in the 1st quarter. GSA Capital Partners LLP now owns 1,723,421 shares of the company's stock worth $1,142,000 after buying an additional 859,677 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of GoPro by 6.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,578,385 shares of the company's stock worth $1,046,000 after buying an additional 91,283 shares during the last quarter. Finally, Two Sigma Investments LP grew its position in shares of GoPro by 4.2% in the 4th quarter. Two Sigma Investments LP now owns 1,510,166 shares of the company's stock worth $1,646,000 after buying an additional 61,484 shares during the last quarter. Institutional investors own 70.09% of the company's stock.

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.

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