Sterne Agee CRT initiated coverage on shares of GoPro in a report on Monday, September 28th. Several analysts, the bearish Morgan Stanley ones included, say there remains an untapped though difficult-to-quantify virtual-reality and drone opportunity that can drive long-term value for the stock starting next year. The firm’s projection is the lowest by $10 among 15 analysts who have issued target prices in the past three months, according to data compiled by Bloomberg. Also, President Anthony John Bates sold 7,434 shares of GoPro stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $37.03, for a total transaction of $275,281.02. Following the transaction, the president now directly owns 19,963 shares of the company’s stock, valued at $739,229.89. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
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In other GoPro news, Director Edward A. Gilhuly sold 253,400 shares of the stock in a transaction on Thursday, July 23rd. The disclosure for this sale can be found here. The company’s largest customer, digital camera maker GoPro (NASDAQ:GPRO), fell almost 8%, dragging the image-processing chip designer along for an amplified version of the same ride. 18,051,978 shares of the company traded hands. Ambarella’s current market cap stands at $1.79 billion.
GoPro shares have been trading below their 200-day moving average since August 19.
While the Session was seen as an important product for GoPro when it launched in July a way for GoPro to expand its hardware portfolio beyond its traditional fleet of Hero cameras a group of analysts at Morgan Stanley said sentiment has grown decidedly more negative since the camera launched in July. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.09.
GoPro shares are down just under 4% for the week, down 6% for the month, and down 54% this year. Moreover, analysts at Oppenheimer have made a downward revision in their estimates, expecting GoPro to now report revenues of $687 million as compared to its previous estimates of $723 million for 4QFY15. During the same quarter in the prior year, the firm earned $0.08 EPS. Finally, Barclays upgraded shares of GoPro from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $50.00 to $65.00 in a research report on Tuesday, July 14th.
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While the bulk of GoPro’s revenue comes from sales of cameras and accessories, the company has been expanding its media strategy to generate revenue from videos created by extreme-sports enthusiasts. Also, the Business provides and develops background editing software and programs that are mobile at no cost to consumers.
