GoPro (NASDAQ:GPRO) Stock Sees Heavy Call Option Buying

Key Points

• GoPro saw unusually heavy call-option activity: Traders purchased 29,943 call options, 38% above the typical daily volume of 21,650.
• Institutional ownership remains significant at 70.09%, with several investors—including Renaissance Technologies—substantially increasing their GoPro positions.
• Despite the stock’s 5.3% rise to $1.09, GoPro reported a wider-than-expected quarterly loss and weak revenue, while analysts maintain a consensus “Reduce” rating.

GoPro, Inc. (NASDAQ:GPRO - Get Free Report) was the target of unusually large options trading activity on Tuesday. Stock traders bought 29,943 call options on the company. This is an increase of 38% compared to the typical daily volume of 21,650 call options.

Institutional Investors Weigh In On GoPro

A number of large investors have recently bought and sold shares of GPRO. Renaissance Technologies LLC raised its position in shares of GoPro by 137.1% in the 1st 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 in the last quarter. OMERS ADMINISTRATION Corp boosted its position in shares of GoPro by 59.4% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 265,800 shares of the company's stock worth $205,000 after acquiring an additional 99,100 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of GoPro by 615.1% during the 4th 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 in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of GoPro by 27.4% during the 1st 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 in the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in GoPro by 10.6% in the first quarter. Public Employees Retirement System of Ohio now owns 149,341 shares of the company's stock valued at $115,000 after acquiring an additional 14,324 shares during the last quarter. 70.09% of the stock is currently owned by institutional investors and hedge funds.

GoPro Trading Up 5.3%

NASDAQ GPRO traded up $0.06 during midday trading on Tuesday, hitting $1.09. The company had a trading volume of 7,860,422 shares, compared to its average volume of 15,080,204. The company has a market capitalization of $202.03 million, a PE ratio of -1.11 and a beta of 2.43. The firm has a 50-day moving average price of $1.11 and a 200-day moving average price of $0.99. GoPro has a twelve month low of $0.57 and a twelve month high of $2.73.

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

Analyst Ratings Changes

A number of analysts have issued reports on GPRO shares. Zacks Research raised shares of GoPro from a "strong sell" rating to a "hold" rating in a report on Monday, October 12th. Weiss Ratings restated a "sell (d-)" rating on shares of GoPro in a research report on Friday. Finally, Wall Street Zen raised shares of GoPro from a "strong sell" rating to a "sell" rating in a report on Sunday, August 23rd. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, GoPro presently has a consensus rating of "Reduce".

GoPro Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.