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 target of unusually large options trading activity on Monday. Traders acquired 49,541 call options on the stock. This is an increase of approximately 326% compared to the typical volume of 11,619 call options.

Insiders Place Their Bets

In related news, EVP Brian Mcgee sold 150,043 shares of the company'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 owned 779,974 shares of the company's stock, valued at $967,167.76. This represents a 16.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 18.38% of the stock is owned by insiders.

Institutional Investors Weigh In On GoPro

Several hedge funds have recently made changes to their positions in GPRO. AQR Capital Management LLC lifted its position in shares of GoPro by 957.3% in the 1st quarter. AQR Capital Management LLC now owns 3,687,711 shares of the company's stock valued at $2,445,000 after acquiring an additional 3,338,941 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of GoPro by 132.1% in the first 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 in the last quarter. GSA Capital Partners LLP lifted its holdings in shares of GoPro by 99.5% in the first quarter. GSA Capital Partners LLP now owns 1,723,421 shares of the company's stock valued at $1,142,000 after purchasing an additional 859,677 shares in the last quarter. Allianz Asset Management GmbH purchased a new stake in GoPro in the 2nd quarter worth about $474,000. Finally, Militia Capital Partners LP purchased a new stake in GoPro in the 2nd quarter worth about $379,000. Hedge funds and other institutional investors own 70.09% of the company's stock.

GoPro Stock Down 4.3%

Shares of NASDAQ GPRO traded down $0.11 during mid-day trading on Friday, hitting $2.43. 12,052,318 shares of the company traded hands, compared to its average volume of 7,007,743. GoPro has a 1 year low of $0.40 and a 1 year high of $2.63. The stock has a market capitalization of $384.38 million, a price-to-earnings ratio of -3.52 and a beta of 1.51. The business has a 50 day moving average of $1.45 and a two-hundred day moving average of $0.94.

Analysts Set New Price Targets

A number of research firms have weighed in on GPRO. Wall Street Zen upgraded GoPro from a "sell" rating to a "hold" rating in a research report on Friday, September 5th. Morgan Stanley restated an "underweight" rating on shares of GoPro in a report on Tuesday, August 12th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target 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.