GoPro Shares Fall To Lowest Level In Over A Month
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
GoPro Inc (NASDAQ: GPRO) shares were trading lower by $1.20 (2.3 percent) at $50.55.
The decline is taking place even though the issue was initiated for coverage at Goldman Sachs. Analyst Simona Jankowski began her coverage with a Neutral rating and $60 price target. She noted the company's valuation will be determined by its deployment of drones and content monetization.
A weak broad market induced a lower open ($50.62 vs. Thursday's close of $51.75) and after a brief rally to $51.09, the issue continued to move lower.
So far, it has reached $49.40 and rebounded into the $50 handle. The current low marks the lowest level for GoPro since it sprinted to $61.19 on June 8, on the heels of a better-than-expected Q1 report. The current low also coincides with its May 14 low of $49.54.
Off its IPO in June 2014, the issue surged from its opening day low of $28.65 to $98.47 only four months later, before collapsing to $37.13 in March and staging a rebound back over $60.
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