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

GoPro, Inc. (NASDAQ:GPRO) was the target of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 6,620,000 shares, a decline of 6.8% from the March 15th total of 7,100,000 shares. Currently, 5.5% of the company’s shares are short sold. Based on an average trading volume of 1,840,000 shares, the short-interest ratio is currently 3.6 days.

GoPro Price Performance

GPRO stock opened at $1.76 on Thursday. The business’s fifty day moving average price is $2.22 and its 200 day moving average price is $2.85. GoPro has a 12-month low of $1.68 and a 12-month high of $4.73. The company has a current ratio of 1.73, a quick ratio of 1.35 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $263.82 million, a PE ratio of -5.18 and a beta of 1.43.

GoPro (NASDAQ:GPRO) last issued its quarterly earnings results on Wednesday, February 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. The company had revenue of $295.42 million for the quarter, compared to analyst estimates of $326.99 million. GoPro had a negative net margin of 5.29% and a negative return on equity of 11.66%. On average, sell-side analysts anticipate that GoPro will post -0.38 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Wedbush reaffirmed a “neutral” rating and set a $2.00 price objective on shares of GoPro in a research report on Wednesday, March 27th.

Institutional Investors Weigh In On GoPro

A number of hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. acquired a new position in shares of GoPro in the first quarter worth $288,000. Advisor Group Holdings Inc. raised its position in GoPro by 5.5% in the 1st quarter. Advisor Group Holdings Inc. now owns 37,568 shares of the company’s stock valued at $320,000 after purchasing an additional 1,971 shares in the last quarter. Cetera Advisor Networks LLC purchased a new position in shares of GoPro in the 1st quarter valued at about $126,000. MetLife Investment Management LLC boosted its stake in shares of GoPro by 88.8% in the 1st quarter. MetLife Investment Management LLC now owns 69,581 shares of the company’s stock valued at $594,000 after buying an additional 32,735 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of GoPro by 11.4% during 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 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.