Stock Traders Purchase Large Volume of Put Options on GoPro (NASDAQ:GPRO)

Key Points

• Traders bought 37,018 GoPro put options Tuesday, about 63% above the average volume, signaling elevated bearish options activity.
• Analyst views remain cautious: ratings include one Hold and one Sell, giving the stock a MarketBeat consensus of “Reduce.”
• GoPro shares traded at $0.85, while its latest reported quarter missed estimates for both earnings and revenue.

GoPro, Inc. (NASDAQ:GPRO - Get Free Report) saw unusually large options trading on Tuesday. Traders acquired 37,018 put options on the stock. This represents an increase of approximately 63% compared to the average volume of 22,666 put options.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wall Street Zen raised GoPro from a "strong sell" rating to a "sell" rating in a report on Sunday, August 23rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of GoPro in a report on Friday, October 16th. Finally, Zacks Research raised GoPro from a "strong sell" rating to a "hold" rating in a research note on Monday, October 12th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce".

GoPro Price Performance

Shares of NASDAQ:GPRO traded down $0.03 during trading hours on Tuesday, hitting $0.85. The company's stock had a trading volume of 2,873,453 shares, compared to its average volume of 14,412,994. The firm's fifty day moving average price is $1.20 and its 200 day moving average price is $0.97. The company has a market capitalization of $156.82 million, a price-to-earnings ratio of -0.86 and a beta of 2.57. GoPro has a 52 week low of $0.57 and a 52 week high of $2.05.

GoPro (NASDAQ:GPRO - Get Free Report) last released its quarterly 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). The firm had revenue of $104.93 million during the quarter, compared to the consensus estimate of $151.47 million. GoPro had a negative net margin of 28.52% and a negative return on equity of 381.63%. On average, equities research analysts predict that GoPro will post -0.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On GoPro

Large investors have recently modified their holdings of the company. Renaissance Technologies LLC increased its holdings 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 purchasing an additional 940,300 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in GoPro by 575.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 872,143 shares of the company's stock worth $1,125,000 after buying an additional 742,999 shares during the last quarter. OMERS ADMINISTRATION Corp grew its holdings in GoPro by 59.4% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 265,800 shares of the company's stock valued at $205,000 after buying an additional 99,100 shares during the period. Public Employees Retirement System of Ohio grew its holdings in GoPro by 10.6% in the 1st quarter. Public Employees Retirement System of Ohio now owns 149,341 shares of the company's stock valued at $115,000 after buying an additional 14,324 shares during the period. Finally, StoneX Group Inc. acquired a new position in shares of GoPro during the 3rd quarter valued at about $52,000. 70.09% of the stock is owned by institutional investors and hedge funds.

About GoPro

GoPro, Inc. develops and sells cameras, accessories and software designed to help consumers and professionals capture and share photos and video, particularly in action, travel, sports and outdoor settings. Its product portfolio includes compact HERO cameras, the MAX 360-degree camera and related mounts, grips, cases, lighting products and other accessories. The company also provides subscription-based services that complement its hardware, including cloud storage, automatic media backup, editing tools, premium features and other benefits.

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