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

GoPro, Inc. (NASDAQ:GPRO) was the recipient of a large 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 company are sold short. Based on an average daily volume of 1,840,000 shares, the days-to-cover ratio is presently 3.6 days.

GoPro Stock Performance

NASDAQ:GPRO traded up $0.04 during trading hours on Wednesday, hitting $1.81. 2,488,618 shares of the company traded hands, compared to its average volume of 1,878,729. The stock has a market capitalization of $270.56 million, a price-to-earnings ratio of -5.28 and a beta of 1.43. GoPro has a twelve month low of $1.68 and a twelve month high of $4.73. The firm has a 50-day moving average of $2.24 and a 200 day moving average of $2.85. The company has a current ratio of 1.73, a quick ratio of 1.35 and a debt-to-equity ratio of 0.17.

GoPro (NASDAQ:GPRO) last announced its quarterly earnings data on Wednesday, February 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $295.42 million during the quarter, compared to analysts’ expectations of $326.99 million. On average, analysts forecast that GoPro will post -0.38 EPS for the current year.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On GoPro

A number of hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its holdings in shares of GoPro by 25.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,971,000 shares of the company’s stock worth $35,063,000 after purchasing an additional 1,415,157 shares during the last quarter. FMR LLC grew its holdings in shares of GoPro by 27.4% in the 2nd 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 last quarter. Two Sigma Investments LP grew its holdings in shares of GoPro by 426.5% in the 3rd quarter. Two Sigma Investments LP now owns 1,000,827 shares of the company’s stock worth $4,934,000 after purchasing an additional 810,727 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of GoPro by 61.3% in the 4th quarter. Renaissance Technologies LLC now owns 1,526,457 shares of the company’s stock worth $7,602,000 after purchasing an additional 580,257 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of GoPro in the 4th quarter worth about $2,813,000. Institutional investors and hedge funds own 70.09% of the company’s stock.

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.