Market Overview

GoPro Was Volatile After Unconfirmed Rumor Of Red Bull Stake

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GoPro Inc (NASDAQ: GPRO) stock is volatile on Wednesday, trading up 1.16 percent at $18.31, after hearing unconfirmed market chatter of Red Bull having a 10 percent stake in GoPro.

The stock closed at $18.27, down 0.38 percent.

Piper Jaffray showed continued concern Monday as the company's shares lost 45 percent in the last three months, and are trading close to the lower end of their 52-week range.

Morgan Stanley on Decemebr 14 downgraded GoPro from Equal-weight to Underweight, while lowering the price target from $23 to $12.

The downgrade was based on expectations of stagnation in product growth, along with pressure on the stock valuation. Faucette expects high inventory levels to continue into 2016.

Rumors also continue to circulate on the company from earlier this year. There has been unconfirmed news that GoPro was joining forces with Red Bull to develop a new media agency.

Shares declined 69.71 percent year-to-date.

While the stock is trading down 11.03 percent away from its 50-day moving average of $20.70, there are indicators that GoPro's current market price is trading -73.59 percent and +15.85 percent away from its 52-week high and low of 69.75 and 15.90, respectively.

 

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