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Why GoPro (GPRO) Shares Are Getting Obliterated Today

Published 2024-10-30, 02:03 p/m
© Reuters.  Why GoPro (GPRO) Shares Are Getting Obliterated Today
GPRO
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What Happened?

Shares of action camera company GoPro (NASDAQ:GPRO) fell 10.3% in the afternoon session after the company announced plans to cut its workforce by 26% as part of an updated restructuring plan, up from the initial target of 15%. A restructuring plan is often part of initiatives to improve business efficiency, leading to improved cost savings and a better liquidity profile.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy GoPro? Find out by reading the original article on StockStory, it’s free.

What The Market Is Telling Us

GoPro’s shares are extremely volatile and have had 44 moves greater than 5% over the last year. But moves this big are rare even for GoPro and indicate this news significantly impacted the market’s perception of the business.

GoPro is down 59.4% since the beginning of the year, and at $1.39 per share, it is trading 63% below its 52-week high of $3.75 from November 2023. Investors who bought $1,000 worth of GoPro’s shares 5 years ago would now be looking at an investment worth $338.80.

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