GoPro Stock Shares Spike Up
Warrior Trading | Jun 20, 2016 08:33AM ET
GoPro Inc (NASDAQ:GPRO)
GoPro Inc. (GPRO), an action-based camera company, had shares jump up on Friday on news of positive analyst comments for the company’s second quarter outlook.
h3 Analyst Comments based on GoPro CEO’s Comments/h3Analyst Paul Coster referred to comments by Chief Financial Officer Brian McGee at a recent broker conference, in which he said channel inventory was poised to fall less than previously expected because of strong sell-in demand from retailers.
“First Take: Positive,” Coster wrote in a note to clients.
“We believe this applies to both domestic and international markets,” he wrote. “This may reflect the benefits of more marketing than this time last year, and a less cluttered product lineup.”
h3 GPRO Technical Analysis/h3GPRO opened trading on Friday at $9.88, which was up from the previous day's trading of $9.84. GPRO closed trading yesterday at $10.65, equivalent to an 8% increase from the opening price.
Taking a look at the daily chart, we can see the last time GPRO traded above these levels was on June 9th when it traded at $10.90. Taking a closer look at the daily chart, we can see that GPRO has been on a downward trend dating back to April 22nd when it traded at $13.98.
GPRO has a float of 84.43 million shares, and traded 1.27 times the normal daily trading volume on Friday. For trading purposes, I would like to see GPRO open trading on Monday above $10.40, and if it does I would be looking to take a long position at the bell. My stop loss would be $0.15 from my entry position, fearing anything more than that and the stock would start to fill in the gap.
h3 Company Profile/h3GoPro, Inc. develops hardware and software solutions to alleviate consumer pain points associated with capturing, managing, sharing, and enjoying engaging content. The company offers a HERO line of capture devices, such as cameras; accessories, including battery BacPac, smart remote, battery, floaty backdoor, and LCD touch BacPac accessories; and mounts comprising equipment-based mounts consisting of helmet, handlebar, roll bar, and grip and tripod mounts that enable consumers to capture content while engaged in a range of activities, as well as mounts that enable customers to wear the mount on their bodies, such as wrist housings, chest harnesses, and head straps.
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It also provides other accessories that include spare batteries, charging accessories, cables to connect its GoPro cameras to television monitors, video transmitters, external microphones, flotation devices, dive filters, and anti-fogging solutions. In addition, the company offers GoPro Studio, a video editing tool that allows users to create professional quality videos from their GoPro content; and GoPro App that allows users to control GoPro cameras remotely using a smartphone or tablet. GoPro, Inc. markets and sells its products through retailers and distributors, as well as through its website in the United States and internationally. The company was formerly known as Woodman Labs, Inc. and changed its name to GoPro, Inc. in February 2014. GoPro, Inc. was founded in 2004 and is headquartered in San Mateo, California.
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