Zacks Investment Research upgraded shares of GoPro, Inc. (NASDAQ:GPRO) from a hold rating to a buy rating in a research report report published on Wednesday. The firm currently has $12.00 price target on the stock.

According to Zacks, “GoPro has been making company-wide restructuring efforts, which include a combination of programs to cut costs. GoPro’s revenues are growing, driven by robust sales of the latest Hero5 cameras, the re-launch of Karma and strong accessory sales. GoPro has been aiming towards transforming itself from the ‘camera maker’ to ‘content maker’, and has taken significant steps to diversify into higher-margin businesses including video editing and virtual reality. GoPro is also making strategic investments in talent, technology, software and innovative products for quite some time now. The company has also resumed Karma sales and plans to ramp production further. However, over the past one year, GoPro shares have significantly underperformed the industry’s average return. Multiple operational stumbles including product recalls, messed up launches, production delays and supply chain issues have added to the woes.”

A number of other brokerages also recently issued reports on GPRO. Vetr downgraded GoPro from a strong-buy rating to a buy rating and set a $8.98 price target on the stock. in a report on Wednesday, June 28th. Wedbush restated a neutral rating on shares of GoPro in a report on Friday, July 28th. Morgan Stanley upgraded GoPro from an underweight rating to an equal weight rating and set a $7.50 price target on the stock in a report on Monday, July 31st. They noted that the move was a valuation call. Oppenheimer Holdings, Inc. restated a hold rating on shares of GoPro in a report on Friday, September 29th. Finally, Goldman Sachs Group, Inc. (The) upgraded GoPro from a sell rating to a neutral rating and boosted their price target for the company from $6.75 to $10.00 in a report on Tuesday, August 15th. Six analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have given a buy rating to the company’s stock. GoPro has an average rating of Hold and an average target price of $9.27.

Shares of GoPro (NASDAQ GPRO) traded up 2.17% during midday trading on Wednesday, hitting $9.88. The company had a trading volume of 10,384,664 shares. The firm’s 50 day moving average is $10.22 and its 200 day moving average is $8.94. GoPro has a 52 week low of $7.14 and a 52 week high of $16.50. The company’s market capitalization is $1.34 billion.

GoPro (NASDAQ:GPRO) last announced its quarterly earnings results on Thursday, August 3rd. The company reported ($0.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.20. GoPro had a negative return on equity of 41.52% and a negative net margin of 27.88%. The company had revenue of $296.52 million for the quarter, compared to the consensus estimate of $268.94 million. During the same quarter in the previous year, the business earned ($0.52) EPS. GoPro’s revenue was up 34.3% compared to the same quarter last year. Equities research analysts anticipate that GoPro will post $0.05 EPS for the current year.

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In related news, COO Charles J. Prober sold 24,918 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $11.00, for a total value of $274,098.00. Following the transaction, the chief operating officer now directly owns 148,493 shares of the company’s stock, valued at approximately $1,633,423. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anthony John Bates sold 25,529 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $10.17, for a total value of $259,629.93. Following the completion of the transaction, the director now directly owns 116,482 shares in the company, valued at $1,184,621.94. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,344 shares of company stock worth $542,205. Insiders own 28.58% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Invictus RG bought a new position in GoPro in the 1st quarter valued at approximately $195,000. Swiss National Bank lifted its position in GoPro by 3.9% in the 1st quarter. Swiss National Bank now owns 145,600 shares of the company’s stock valued at $1,267,000 after acquiring an additional 5,500 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in GoPro by 5.5% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 455,706 shares of the company’s stock valued at $3,965,000 after acquiring an additional 23,697 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in GoPro by 3.4% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 21,061 shares of the company’s stock valued at $183,000 after acquiring an additional 695 shares in the last quarter. Finally, HighTower Advisors LLC lifted its position in GoPro by 5.5% in the 1st quarter. HighTower Advisors LLC now owns 197,832 shares of the company’s stock valued at $1,718,000 after acquiring an additional 10,232 shares in the last quarter. 24.37% of the stock is currently owned by institutional investors and hedge funds.

GoPro Company Profile

GoPro, Inc (GoPro) produces cameras and mountable and wearable accessories. The Company’s product offerings include HERO5, which is a line of cloud-connected cameras featuring image stabilization, telemetry, cloud connectivity and voice control; GoPro Plus, which is a cloud-based storage solution that enables subscribers to access, edit and share content; Quik, which is a mobile editing application that creates edits on a smartphone; Capture, which is a mobile application that allows users to preview and play back shots, control their GoPro cameras and share content on the fly using their smartphones; Karma, which is its compact and foldable drone and versatile stabilization solution that includes the Karma controller, and camera stabilizer, and it all fits in a custom backpack, and Karma Grip, which is a handheld, body-mountable camera stabilizer.

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