Citigroup May Have Just Lost Faith in GoPro (NASDAQ:GPRO)


GoPro (NASDAQ:GPRO) Receives a Downgrade

It appears that trading for shares of GoPro (NASDAQ:GPRO) will be interesting to watch today. Citigroup lowered the stock from their past “Buy” rating to a more current “Neutral”.

From a total of 17 analysts covering GoPro Inc (NASDAQ:GPRO) stock, 0 rate it a ”Buy”, 0 a “Sell”, and 0 a ”Hold”. This means that NaN of the ratings are positive. The highest target price is $90 while the lowest target price is $15. The mean of all analyst targets is $37.18 with a 121.31% above today’s ($19.38) stock price. GoPro Inc was the topic of 40 analyst reports since July 22, 2015 according to the firm StockzIntelligence Inc. Robert W. Baird downgraded shares on December 4 to “Neutral” rating. Dougherty & Company maintained shares with “Buy” rating and $32 target share price in a report from an October 13. Northland Capital maintained GPRO stock in a recent report from October 29 with “Outperform” rating. Citigroup maintained the rating on September 17. Citigroup has a “Buy” rating and a $90 price target on shares. Finally, Morgan Stanley maintained the stock with “Equal-Weight” rating in a report issued on an October 29.

Approximately 10.13 million shares of stock traded hands or 17.65% up from the average. GoPro Inc (NASDAQ:GPRO) has declined 62.50% since May 8, 2015 and is downtrending. It has underperformed by 59.48% the S&P500.

The overall sentiment of institutions has decreased to 1.46 in Q2 2015. Its down 0.25, from 1.71 in 2015Q2. The ratio dived, as 70 institutions have sold all the shares of GoPro Inc that they owned while 42 funds have taken shares off the table. 65 funds have purchased shares for the first time while 99 added to their positions. These institutions now hold 43.04 million shares or 14.87% more than the 37.46 million shares they owned in 2015Q2.

The Fund Sageview Capital Lp currently is holding shares equating to 20.01% of its total portfolio in GoPro Inc representing a total of 1.70 million shares. Another fund,Point72 Asia (Hong Kong) Ltd, is holding a total of 30,000 shares equating to 1.39% of their holdings. Additionally, Mizuho Securities Usa Inc. has a 123,700 share stake in GoPro Inc which represents 1% of their total portfolio. The Fund, Old Mutual Global Investors (Uk) Ltd., based out of United Kingdom, has also built up a stake in the stock, which represents a total of 0.93% of their total portfolio. Finally Voloridge Investment Management Llc, a fund which is based in the state of Florida reported a total holdings of 439,249 shares.

GoPro, Inc. produces mountable and wearable cameras and accessories, which the Company refers to as capture devices. The company has a market cap of $2.58 billion. Additionally, the Company develops and provides desktop editing software and mobile applications for free to consumers. It has 16.11 P/E ratio. The Firm offers HERO line of capture devices, which include HERO2, HERO3 camera, the HERO3+ camera and the HERO4 and HERO.

According to Zacks Investment Research, “GoPro, Inc. engages in producing wearable HD camcorders, known as action cameras and related accessories. It also curates videos shot on its cameras and broadcasts those videos on its own channel on YouTube, Xbox Live and Virgin Atlantic flights. The company offers HERO line of cameras; premium accessories; and mounts comprising equipment-based mounts. It also offers other accessories that include spare batteries, charging accessories, cables to connect its GoPro cameras to televisions and monitors, video transmitters, external microphones, flotation devices, dive filters, and anti-fogging solutions, as well as accessories for the Wi-Fi remotes. GoPro, Inc. is headquartered in San Mateo, California.” Get a free copy of the Zacks research report on GoPro Inc (GPRO).