GoPro (NASDAQ:GPRO) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

GoPro (NASDAQ:GPRO – Get Rating) released its quarterly earnings results on Thursday. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02, Briefing.com reports. GoPro had a return on equity of 24.58% and a net margin of 32.96%. The business had revenue of $250.69 million during the quarter, compared to analyst estimates of $238.72 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. GoPro’s revenue for the quarter was up .4% on a year-over-year basis.

GoPro Price Performance

GPRO traded down $0.28 during trading on Friday, hitting $6.56. 2,970,855 shares of the company traded hands, compared to its average volume of 2,441,388. The company has a current ratio of 1.86, a quick ratio of 1.53 and a debt-to-equity ratio of 0.24. The company has a market cap of $1.03 billion, a PE ratio of 2.76 and a beta of 1.16. The stock’s 50-day simple moving average is $6.07 and its two-hundred day simple moving average is $7.50. GoPro has a 1 year low of $5.24 and a 1 year high of $12.14.

Analyst Ratings Changes

A number of research firms have recently weighed in on GPRO. Wedbush reaffirmed an “outperform” rating and set a $10.00 price objective on shares of GoPro in a research report on Friday. StockNews.com downgraded shares of GoPro from a “buy” rating to a “hold” rating in a report on Monday, May 9th. Morgan Stanley reduced their price objective on shares of GoPro from $11.00 to $8.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 14th. Finally, Citigroup lowered their target price on shares of GoPro from $9.00 to $8.00 in a research note on Friday, May 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $10.60.

Insider Buying and Selling at GoPro

In related news, CAO Charles Lafrades sold 4,806 shares of the business’s stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $6.84, for a total value of $32,873.04. Following the sale, the chief accounting officer now directly owns 113,520 shares in the company, valued at $776,476.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other GoPro news, SVP Dean Jahnke sold 14,089 shares of GoPro stock in a transaction on Friday, June 24th. The shares were sold at an average price of $6.12, for a total value of $86,224.68. Following the completion of the transaction, the senior vice president now directly owns 248,339 shares of the company’s stock, valued at approximately $1,519,834.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Charles Lafrades sold 4,806 shares of the company’s stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $6.84, for a total transaction of $32,873.04. Following the sale, the chief accounting officer now owns 113,520 shares in the company, valued at $776,476.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 71,391 shares of company stock worth $464,845. Insiders own 17.95% of the company’s stock.

Institutional Investors Weigh In On GoPro

Several large investors have recently added to or reduced their stakes in GPRO. Goldman Sachs Group Inc. lifted its stake in shares of GoPro by 98.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,104,687 shares of the company’s stock valued at $9,423,000 after purchasing an additional 549,427 shares during the last quarter. Lord Abbett & CO. LLC raised its holdings in GoPro by 23.7% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,212,357 shares of the company’s stock valued at $10,341,000 after buying an additional 232,011 shares during the period. Dimensional Fund Advisors LP lifted its position in GoPro by 11.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,646,506 shares of the company’s stock worth $14,046,000 after buying an additional 169,135 shares during the last quarter. BNP Paribas Arbitrage SA boosted its stake in GoPro by 46.2% during the first quarter. BNP Paribas Arbitrage SA now owns 498,291 shares of the company’s stock worth $4,250,000 after buying an additional 157,396 shares during the period. Finally, Wellington Management Group LLP bought a new position in GoPro during the first quarter valued at $630,000. 78.36% of the stock is owned by institutional investors.

About GoPro

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GoPro, Inc develops and sells cameras, mountable and wearable accessories, and subscription services and software in the United States and internationally. The company offers cloud connected HERO10 Black, HERO9 Black, and HERO8 Black waterproof cameras; MAX, a 360-degree waterproof camera; GoPro, a subscription service that includes full access to the Quik app, cloud storage supporting source video and photo quality, camera replacement, and damage protection; Quik subscription provides access to editing tools, which allows users to edit photos, videos, and create cinematic stories; and Quik app, a mobile app that enable users to get their favorite photos and videos with footage from any phone or camera.