GoPro Inc said on Monday that it had begun preparations to move a larger part of its US-bound camera production out of China by the summer next year, as the company seeks to avoid the potential impact from new tariffs. At the same time, international-bound camera production is expected to remain in the Asian country, GoPro said.
GoPro shares closed lower for a second consecutive trading session on NASDAQ on Monday. The stock went down 1.01% ($0.05) to $4.92, after touching an intraday low at $4.76, or a price level not seen since April 24th ($4.75).
Shares of GoPro Inc have retreated 35.01% so far this year following a 13.09% drop in 2017.
“It’s important to note that we own our own production equipment while our manufacturing partner provides the facilities, so we expect to make this move at a relatively low cost,” Brian McGee, GoPros Chief Financial Officer, was quoted as saying by Reuters.
In November, GoPro Inc warned that fourth-quarter revenue might fall short of market expectations, since it struggles with sluggish demand for its trademark action-cameras amid rising competition. Still, the company expects a profit during the fourth quarter and also said that “low channel inventory” would probably be well-positioned for the first quarter.
According to CNN Money, the 5 analysts, offering 12-month forecasts regarding GoPro Inc’s stock price, have a median target of $7.00, with a high estimate of $9.00 and a low estimate of $5.00. The median estimate represents a 42.28% upside compared to the closing price of $4.92 on December 10th.
The same media also reported that 5 out of 7 surveyed investment analysts had rated GoPro Inc’s stock as “Hold”, while 1 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for GoPro Inc (GPRO) are presented as follows:
Central Pivot Point – $5.05
R1 – $5.17
R2 – $5.38
R3 – $5.50
R4 – $5.63
S1 – $4.84
S2 – $4.72
S3 – $4.51
S4 – $4.31
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