GoPro to cut another 270 jobs, nearly a fifth of its workforce

Shares of GoPro were up about 123% in morning trading. The stock, after opening at $7.54, closed at $7.24 by scoring -4.36%. Sell-side analyst recommendations point to a short term price target of $54.23 on the company shares. Amid a litany of problems – some a result of market forces, others self-inflicted – GPRO stock lost more than 50% of its value during the course of the year, despite starting 2016 at historic lows. 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).

While if we look at the Earnings Track Record, GoPro, Inc. A rating of 1 or 2 would represent a Buy, and a 3 rating would signify a Hold on the stock.

Many analysts have provided their estimated foresights on GoPro, Inc. (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.

Analysts give WTI a mean recommendation of 3.20. (NASDAQ:GPRO) could bring EPS of $0.22/share. The company reported its last quarter on Dec 16. Earnings, with 18 analysts believing the company would generate an Average Estimate of $-0.53. This shows a surprise factor of 31.8%.

Analysts, on average, forecast GoPro, Inc.to earn $-0.34 per share (EPS) on revenue of $238.11M. It sounds like GoPro is looking at incremental upgrades, at least this year, as it deals with an even more competitive market.

19 Insider Sales transactions were made totaling 2779770 shares traded.

With 15 days left in the quarter, the company said it sees revenue for the quarter coming in between $190 million to $210 million.

While Looking at Sales Growth (Year/est), the company is now showing a percentage value of 50 percent. (NASDAQ:GPRO) in which Citigroup Initiates Coverage On GoPro, Inc. The Weekly and Monthly Volatility stands at 3.69% and 3.56%.

The comprehensive job cull follows a particularly rocky year for the California-based company. The next year’s growth is calculated to be 68.1 percent.

In order to reduce those costs, GoPro is cutting about 270 jobs, and is also cutting program costs.