GoPro (GPRO) Back Under Pressure

Shares of GoPro, Inc. (GPRO) are lower by more than 13% in early morning trading on Monday. The $2.28 billion market cap company today was downgraded to ‘underweight’ from ‘equal-weight’ by Morgan Stanley (MS), noting┬ápersistent high inventory issues and slower consumer opportunity in the drone segment, among other factors. The firm also cut its price target on the name by 11 points to $12.

After slipping below last week’s lows of $16.77, GPRO shares recently traded at $16.59, putting them on track to extend their 2015 slump of 74%. GPRO shares have declined 23.71% in the last 4 weeks and 41.76% in the past three months. Over the past 5 trading sessions the stock has gained 6.39%. Shares of GoPro rose sharply late last week amid ongoing rumors that Apple (AAPL) could be interested in taking over the company.

GPRO is down 68.11% year-over-year, compared with a 1.14% gain in the S&P 500. The high definition camera maker’s stock has a 52-week range of $16.57 to $69.75.

Be the first to comment

Leave a Reply

Your email address will not be published.


*