GoPro, Inc. (NASDAQ:GPRO) Sees Significant Drop in Short Interest

GoPro, Inc. (NASDAQ:GPRO) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 6,620,000 shares, a decrease of 6.8% from the March 15th total of 7,100,000 shares. Currently, 5.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,840,000 shares, the days-to-cover ratio is presently 3.6 days.

GoPro Price Performance

Shares of GPRO traded up $0.05 during mid-day trading on Tuesday, hitting $1.81. 1,529,307 shares of the company traded hands, compared to its average volume of 1,848,563. GoPro has a one year low of $1.68 and a one year high of $4.73. The company has a current ratio of 1.73, a quick ratio of 1.35 and a debt-to-equity ratio of 0.17. The business has a 50-day moving average of $2.27 and a 200 day moving average of $2.86. The stock has a market capitalization of $270.57 million, a price-to-earnings ratio of -5.18 and a beta of 1.43.

GoPro (NASDAQ:GPRO) last released its quarterly earnings results on Wednesday, February 7th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.02. GoPro had a negative net margin of 5.29% and a negative return on equity of 11.66%. The business had revenue of $295.42 million for the quarter, compared to analysts’ expectations of $326.99 million. As a group, equities analysts expect that GoPro will post -0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GoPro

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in GoPro by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 12,305,200 shares of the company’s stock valued at $42,699,000 after buying an additional 55,859 shares during the period. BlackRock Inc. lifted its holdings in GoPro by 1.1% in the third quarter. BlackRock Inc. now owns 11,806,752 shares of the company’s stock valued at $58,208,000 after buying an additional 132,213 shares during the period. Dimensional Fund Advisors LP lifted its holdings in GoPro by 25.5% in the first quarter. Dimensional Fund Advisors LP now owns 6,971,000 shares of the company’s stock valued at $35,063,000 after buying an additional 1,415,157 shares during the period. FMR LLC raised its holdings in GoPro by 27.4% in the second quarter. FMR LLC now owns 5,278,262 shares of the company’s stock worth $29,189,000 after purchasing an additional 1,133,819 shares during the period. Finally, Greenlight Capital Inc. raised its holdings in GoPro by 6.3% in the fourth quarter. Greenlight Capital Inc. now owns 2,823,100 shares of the company’s stock worth $9,796,000 after purchasing an additional 166,640 shares during the period. 70.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Wedbush reaffirmed a “neutral” rating and set a $2.00 price objective on shares of GoPro in a research note on Wednesday, March 27th.

GoPro Company Profile

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.