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GoPro eliminates 270 positions, still hopes to return to profitability in 2017

17 March, 2017, 01:04 | Author: Paula Vaughn
  • GoPro Spikes After Announcing Jobs Cuts Expects To Be Profitable

Investors are rightly relieved that GoPro is taking an aggressive stance toward costs, as evidenced by the stock's gains on Thursday.

GoPro plans on eliminating 270 positions as it tries to turn itself around.

In November of the same year, GoPro announced 200 job losses, totaling 15% of its workforce, with then-company president also leaving the company after three years of service.

Forbes is reporting that one of their sources claims those cuts are primarily targeting GoPro's virtual reality and broadcasting wings, though this has not been confirmed by the company. (NASDAQ:GPRO) to Underperform with a price target of $7.

Wedbush maintained a Neutral rating with a $9 price target. The stock now has an average rating of "Hold" and an average target price of $10.79. GoPro has recorded a 50-day average of $9.17 and a two hundred day average of $11.24.

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But incredibly, she said that they escaped with only minor cuts and bruises after the blast, which injured about eight people. Ten people were reportedly hurt during an eruption of the volcano, which is the highest and most active in Europe.

The company's stock now has 1.07 Billion in market capitalization. The firm earned $540.62 million during the quarter, compared to analysts' expectations of $585.31 million. The firm's quarterly revenue was up 23.8% on a year-over-year basis. (NASDAQ:GPRO)'s shares have the potential to reach a high EPS of -0.46 per share, and a low EPS of -0.64 per share in the current quarter. Weekly performance analysis shows the equity at -7.89%.Covering Sell-Side analysts have offered recommendations and price target estimates on GoPro, Inc. If you are reading this piece on another website, it was copied illegally and republished in violation of USA & worldwide trademark and copyright legislation.

Shares jumped 13 percent to $8.29 at 1:49 p.m.in NY after earlier surging as much as 18 percent. Shares closed at $8.51, their highest close since March 3. The number of shares now owned by investors are 141.93 mln. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The stock is performing -3.62% year to date. BNP Paribas Arbitrage SA now owns 388,344 shares of the company's stock valued at $6,478,000 after buying an additional 234,352 shares during the period. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,668 shares of company stock valued at $738,432. It has attracted short sellers, too, with 30% of its shares now being shorted. Teachers Advisors LLC raised its position in GoPro by 234.8% in the third quarter.

Yesterday after the close, GoPro Inc.

Analysts estimated $0.22/share for the previous Quarter, where GoPro, Inc. Nevertheless, we view the opex cut positively as it addresses a key investor concern around GoPro's level of cash burn (recall its cash balance fell 54% yoy last quarter).

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