GoPro Inc (GPRO) Shares Up Big In Anticipation of 2016 CES


While shares of GoPro Inc (NASDAQ:GPRO) dropped as the market rose at the end of 2015, the opposite seems to be happening today. As the Dow trades down some 348 points, shares of GoPro Inc (NASDAQ:GPRO) are up substantially. While shares seemed to face a steady decline in late 2015, dropping from over $64 in August to close the year out at around $18, 2016 seems to be starting off quite well for the camera manufacturer.

While there isn’t any major news coming from the company to spur on today’s gains, much of the movement may have something to do with investors anticipating GoPro’s (NASDAQ:GPRO) appearance at the 2016 Consumer Electronics Show in Las Vegas, NV this week, where they will certainly be showing off their latest technologies. Trading at a PE ratio of around 16, and with growth prospects which certainly aren’t bad, investors may finally feel that shares have hit a bottom. The stock is up 6.94% or $1.25 following the news, hitting $19.26 per share. About 7.50M shares traded hands. GPRO has declined 67.53% since May 29, 2015 and is downtrending. It has underperformed the S&P500 by 64.52%.

From a total of 14 analysts covering GoPro Inc (NASDAQ:GPRO) stock, 8 rate it a “Buy”, 3 a “Sell”, and 3 a “Hold”. This means that 57% of the ratings are positive. The highest target price is $90 while the lowest target price is $12. The mean of all analyst targets is $42.16 which is 118.90% above today’s ($19.26) stock price. GoPro Inc was the topic of 42 analyst reports since July 22, 2015 according to the firm StockzIntelligence Inc. Morgan Stanley downgraded shares on December 14 to a “Underweight” rating. Barclays Capital maintained shares with a”Overweight” rating and a $40 target share price in their report from an October 29. Robert W. Baird downgraded GPRO stock in a recent report from December 4 to a “Neutral” rating. Citigroup maintained the rating on September 17. Citigroup has a “Buy” rating and a $90 price target on shares. Finally, Northland Capital maintained the stock with a “Outperform” rating in a report they issued on an October 29.

The institutional sentiment decreased to 1.46 in Q2 2015. It’s down 0.25, from 1.71 in 2015Q2. The ratio turned negative, as 70 funds sold all their GoPro Inc shares they owned while 42 reduced their positions. 65 funds bought stakes while 99 increased their total positions. Institutions now own 43.04 million shares which is 14.87% more than the previous share count of 37.46 million in 2015Q2.

Sageview Capital Lp holds 20.01% of its total portfolio in GoPro Inc, equating to 1.70 million shares. Point72 Asia (Hong Kong) Ltd owns 30,000 shares representing 1.39% of their total US portfolio. Moreover, Mizuho Securities Usa Inc. has 1% of their total portfolio invested in the company, equating to 123,700 shares. The United Kingdom-based Old Mutual Global Investors (Uk) Ltd. has a total of 0.93% of their portfolio invested in the stock. Voloridge Investment Management Llc, a Florida-based fund reported 439,249 shares owned.

GoPro, Inc. produces mountable and wearable cameras and accessories, which the Company refers to as capture devices. The company has a market cap of $2.44 billion. Additionally, the Company develops and provides desktop editing software and mobile applications for free to consumers. It has 16.02 P/E ratio. The Firm offers HERO line of capture devices, which include HERO2, HERO3 camera, the HERO3+ camera and the HERO4 and HERO.