GoPro Inc. (NASDAQ: GPRO) is set to report its fourth-quarter earnings Thursday after the markets close. Thomson Reuters has consensus estimates of $0.70 in earnings per share (EPS) and $580.33 million in revenue.
Within the past month, GoPro made a deal with the National Hockey League (NHL). This started the weekend of the NHL All-Star Skills Competition and All-Star Game, where players wore GoPro cameras that transmitted live video for the broadcast. The idea of the partnership is to deliver never-before-seen perspectives in the game. This was the first major professional sports league that has partnered with GoPro.
Throughout the NHL season, GoPro cameras will provide a live video broadcast for the NHL. This will also take place in online channels as well.
Despite this strong avenue for growth and exposure, GoPro faces some competition in its seemingly niche market.
In January, GoPro had its steepest decline since August when Apple Inc. (NASDAQ: AAPL) was a granted a patent for a remote control camera system. The patent would allow Apple to make products similar to what GoPro offers. Apple receives a lot of patents each year, but most of them never lead to any products. Some speculate that it is more likely that Apple would use the remote capability included in the patent to let customers control the zoom and other photo and video settings on their iPhone or iPad cameras from another Apple device.
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Just the day before earnings would be reported, Citigroup made a call for GoPro. The firm had a Hold rating and set its price target at $59. This implies upside of 13.7% from Wednesday’s close $51.87.
The 50-day moving average currently reads at $60.44. Since shares crossed under the moving average in late November, it has acted as resistance only twice but mainly as an overhang.
Shares of GoPro were up nearly 1% at $52.40 in the noon hour Thursday. The stock has a consensus analyst price target of $76.55 and a post-IPO trading range of $28.65 to $98.47.
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