GoPro shares close lower on Friday, between 200 and 300 jobs reportedly cut at aerial products division last week

GoPro Inc was reported to have cut between 200 and 300 jobs at its aerial products unit during the past week. According to a report by technology news website TechCrunch, citing a letter sent to affected employees, the latter were relieved from duties on January 4th, but they will remain on GoPro’s payroll until February 16th.

GoPro shares closed lower for the third time in the past five trading sessions on Friday. The stock went down 0.66% ($0.05) to $7.52, after touching an intraday high at $7.80, or a price level not seen since December 27th ($7.85).

In the week ended on January 7th the shares of the tech company lost 0.66% of their market value compared to a week ago, which marked a third consecutive period of decrease.

The stock has retreated 0.66% so far during the current month, following an 11.36% slump in December. The latter has been a third straight month of losses.

For the entire past year, the shares of the NASDAQ-listed company fell 13.09%, following another 51.64% drop in 2016.

TechCrunch also reported that the job cuts were part of a larger restructuring effort within the tech company.

The action camera manufacturer has been under pressure over the past few years, as competition from cheaper rivals continues to increase and more enhanced cameras on smart phones emerge.

According to CNN Money, the 9 analysts, offering 12-month forecasts regarding GoPro Inc’s stock price, have a median target of $10.50, with a high estimate of $15.00 and a low estimate of $7.00. The median estimate is a 39.63% surge compared to the closing price of $7.52 on January 5th.

The same media also reported that 9 out of 13 surveyed investment analysts had rated GoPro Inc’s stock as “Hold”, while 2 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for the GoPro stock are presented as follows:

R1 – $7.55
R2 – $7.58
R3 (Range Resistance – Sell) – $7.61
R4 (Long Breakout) – $7.70
R5 (Breakout Target 1) – $7.81
R6 (Breakout Target 2) – $7.85

S1 – $7.49
S2 – $7.46
S3 (Range Support – Buy) – $7.43
S4 (Short Breakout) – $7.34
S5 (Breakout Target 1) – $7.23
S6 (Breakout Target 2) – $7.19

By using the traditional method of calculation, the weekly levels of importance for GoPro Inc (GPRO) are presented as follows:

Central Pivot Point – $7.57
R1 – $7.75
R2 – $7.98
R3 – $8.16
R4 – $8.34

S1 – $7.34
S2 – $7.16
S3 – $6.93
S4 – $6.70