GoPro Drops 4% As President Sells Off 7,434 Shares
GoPro Inc (NASDAQ: GPRO)'s stock fell down 3.9 percent on Wednesday. According to AnalystRatingsNetwork.com, an insider sold shares in the company.
Company president Anthony John Bates sold off 7,434 of its shares last Monday. Bates sold GoPro's stock at an average price of $17.61, for a total value of $130,912.74. After the transaction was completed, the president now is the owner of 19,963 shares in GoPro, valued at $351,548.43.
The company's last quarterly earnings data was released on October 28. GoPro reported $0.25 EPS for the quarter. The company had revenue of $400.34 million for the quarter, compared to the consensus estimate of $435.33 million. GoPro's revenue was up 43 percent compared to the same quarter last year.
RW Baird Equity Research analysts on December 4 downgraded GoPro's price target and rating, no longer believing that the company will meet prior performance targets. The research firm now predicts that Q42015 revenue of $474.7 million will be down from $525.2 million that they had previously estimated for the quarter.
Analyst William Power cut his rating to Neutral, after the stock was outperformed for more than eight months. Power also slashed his price target in half to $18.
GoPro's stock has fallen 49 p over the past few months and Power said in a note, "We acknowledge the recent stock weakness and high investor skepticism, but with consensus estimates likely to fall further and no clear near-term catalyst, we are moving to the sidelines."
GoPro's current market capitalization is of $2.42 billion and a price-to-earnings ratio of $14.42. The company has a 50-day moving average price of $23.29 and a 200-day moving average price of $42.19.
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