Published: Thu, January 11, 2018
Medical | By Alyssa Little

GoPro Could Be Up For Sale

GoPro Could Be Up For Sale

GoPro CEO Nick Woodman introduces the new foldable Karma drone during a press event in Olympic Valley, California on September 19, 2016.

However, prices rebounded sharply following a report from CNBC that the company has hired JPMorgan to find a buyer. And now the company is preparing itself for the inevitable as GoPro is thinking about selling itself to someone else, but it wants to stay independent.

The company will reduce its employees from 1,254 to fewer than 1,000, according to the corporate statement. Shares were down 19 percent in midday trading on Monday after it confirmed reports that about 20 percent of its workforce was leaving. Bank of America upped their price objective on shares of GoPro from $8.00 to $9.00 and gave the company an "underperform" rating in a research note on Tuesday, October 31st.

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GoPro's HERO5 camera line-up significantly underperformed during the holiday quarter, and the company ended up slashing $100 off the price to generate sales.

Preliminary results show the company had fourth quarter revenue of $340 million, down $200 million, or 37 percent from what it reported in the fourth quarter a year earlier. Rumors about Apple deciding to buy GoPro have circulated since at least 2015, even appearing as recently as February 2017. Its new device, the Hero6 Black, has seen a price cut of $100, and you can likely expect more aggressive promotions and new cameras coming soon.

The move comes as GoPro looks to return to profitably from its struggling business, although the company's CEO stated earlier on Monday that the company would be interested in a potential merger or acquisition of the firm.

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GoPro Inc (NASDAQ:GPRO) shares are plunging 11% after what one analyst already saw as the writing on the wall: a negative preannouncement.

And although GoPro's Karma drone was the number two offering in its price division, the company will exit the "extremely competitive" drone market, it said.

It's been a volatile day for GoPro stock, which was off by 30% before this buyout rumor, giving short-sellers reason to rejoice. Short interest averaged $269 million, according to S3 data, and it peaked at $361 million on November 1. Currently, GoPro's bread and butter relies on action camera sales.

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