GPRO - Here's Why GoPro Stock Sank Today
2023-12-12 14:30:01 ET
Shares of action camera company GoPro (NASDAQ: GPRO) sank on Tuesday after a prominent analyst suggested that the stock could be headed even lower. As of 1:30 p.m. ET, GoPro stock was down 7% but it had been down 10% earlier in the trading session.
Erik Woodring is an analyst with Morgan Stanley , one of the larger and more prominent investment firms. Therefore, when Woodring downgrades his outlook to underweight -- as he did today with GoPro -- the market tends to take notice.
An underweight rating basically means that Woodring believes GoPro stock will go down from here, so it's almost the same as recommending that investors sell their shares. Woodring now has a price target of $3 per share for GoPro, down from his previous price target of $4 per share, according to Investing.com.
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Here's Why GoPro Stock Sank Today