GoPro, Inc. (NASDAQ:GPRO) Sees Large Drop in Short Interest

GoPro, Inc. (NASDAQ:GPRO) was the recipient of a significant decline in short interest in January. As of January 15th, there was short interest totalling 4,350,000 shares, a decline of 5.4% from the December 31st total of 4,600,000 shares. Approximately 3.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,590,000 shares, the short-interest ratio is presently 2.7 days.

Wall Street Analyst Weigh In

Separately, Wedbush restated a “neutral” rating and set a $1.50 target price on shares of GoPro in a report on Friday.

GoPro Stock Performance

Shares of NASDAQ:GPRO opened at $0.89 on Tuesday. The company has a market capitalization of $137.43 million, a price-to-earnings ratio of -0.34 and a beta of 1.53. The firm’s 50 day simple moving average is $1.12 and its 200 day simple moving average is $1.26. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.32 and a quick ratio of 0.87. GoPro has a fifty-two week low of $0.89 and a fifty-two week high of $3.03.

GoPro (NASDAQ:GPRO) last announced its earnings results on Thursday, November 7th. The company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). The firm had revenue of $258.90 million for the quarter, compared to the consensus estimate of $254.92 million. GoPro had a negative net margin of 44.37% and a negative return on equity of 33.48%. During the same period last year, the company posted ($0.02) EPS. As a group, sell-side analysts forecast that GoPro will post -2.65 earnings per share for the current year.

Hedge Funds Weigh In On GoPro

A number of institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. bought a new position in GoPro during the second quarter worth $136,000. Squarepoint Ops LLC increased its stake in GoPro by 55.7% during the 2nd quarter. Squarepoint Ops LLC now owns 119,338 shares of the company’s stock worth $169,000 after acquiring an additional 42,675 shares during the period. The Manufacturers Life Insurance Company raised its stake in GoPro by 19.8% in the second quarter. The Manufacturers Life Insurance Company now owns 56,609 shares of the company’s stock valued at $80,000 after purchasing an additional 9,337 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of GoPro by 316.9% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 24,991 shares of the company’s stock worth $35,000 after acquiring an additional 18,996 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in shares of GoPro by 15.6% in the 3rd quarter. SG Americas Securities LLC now owns 115,176 shares of the company’s stock valued at $157,000 after purchasing an additional 15,541 shares in the last quarter. 70.09% of the stock is currently owned by institutional investors and hedge funds.

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.