GoPro (NASDAQ:GPRO) Price Target Cut to $1.50

GoPro (NASDAQ:GPRO) had its price objective reduced by investment analysts at Wedbush from $2.00 to $1.50 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Wedbush’s price objective would indicate a potential upside of 22.95% from the company’s previous close.

GoPro Stock Performance

Shares of GPRO traded down $0.10 during midday trading on Wednesday, reaching $1.22. 1,724,448 shares of the stock were exchanged, compared to its average volume of 1,893,993. GoPro has a twelve month low of $1.18 and a twelve month high of $4.01. The company has a quick ratio of 1.08, a current ratio of 1.68 and a debt-to-equity ratio of 0.41. The company has a market cap of $182.87 million, a P/E ratio of -0.50 and a beta of 1.61. The stock’s 50 day simple moving average is $1.48 and its 200 day simple moving average is $1.93.

GoPro (NASDAQ:GPRO) last posted its earnings results on Tuesday, May 7th. The company reported ($0.26) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.04. GoPro had a negative return on equity of 14.66% and a negative net margin of 36.75%. The company had revenue of $155.47 million during the quarter, compared to the consensus estimate of $147.21 million. On average, sell-side analysts expect that GoPro will post -0.53 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Oak Thistle LLC acquired a new position in GoPro in the second quarter valued at about $32,000. Acadian Asset Management LLC raised its stake in GoPro by 109.7% during the second quarter. Acadian Asset Management LLC now owns 4,415,441 shares of the company’s stock worth $6,267,000 after acquiring an additional 2,309,500 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of GoPro by 13.4% in the second quarter. Bank of New York Mellon Corp now owns 452,395 shares of the company’s stock valued at $642,000 after buying an additional 53,614 shares during the period. Versant Capital Management Inc increased its stake in shares of GoPro by 6.0% in the second quarter. Versant Capital Management Inc now owns 199,992 shares of the company’s stock valued at $284,000 after buying an additional 11,284 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of GoPro by 16.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 133,526 shares of the company’s stock valued at $298,000 after buying an additional 19,033 shares during the period. 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.