Shares of GoPro Inc (NASDAQ:GPRO) are moving up nicely to the tune of around 7% today. The camera and accessories/social media company, is up today as a brokerage firm has initiated coverage on it. GoPro Inc (NASDAQ:GPRO) has been on a tear ever since its stock began trading in the open markets back on June 26. This equity is up well over 100% from its low of $28.65 on opening day, giving investors and traders an amazing return in less than 3 months! So with this tremendous run up, one might think its time to take profits and they would not be wrong, as it would be the prudent thing to do. However, as a technical trader who looks at charts for a living, I think there actually could be some more upside to come. On the chart below I have used symmetry as a basis for calculating a target for GpPro stock. And I am coming up with $71.15 as the area where this equity could go. I have also used a proprietary calculation (which has uncanny accuracy) and it is giving me a reading of roughly the same level. So while I am not advocating a long trade here, I am giving traders/investors an area where this stock could be headed and potentially shorted. Keep this level and chart on your radar in the coming days and weeks to profit from. If you only read one email again, make sure it comes from the Elite Round Table. Our FREE market emails contain information that can actually make you money. Ask yourself, what email have you read that can do that? Answer = none. Join our list here. Parm Mann Elite Round Table Follow me on twitter: @ParmMannTrader
Looks like someone might have been front running my level given here a few days ago. Today the high was $70.90, which was just shy of my target of $71.15. The stock had a nice fall of over 5% in minutes before recovering. I have isolated buy levels for GoPro here http://bit.ly/1pT2YzC
I will likely grab at least a little after the lockup expires and insiders hopefully sell some shares and it gets cheaper. I'm thinking that police departments throughout the land will be buying these things in light of what happened in Ferguson, MO recently.
JR, you've got a good point about the police departments. I dunno if that will translate to a better stock price, but outfitting officers is a lucrative business. ;] I might put a few bucks into GoPro, but I literally mean a few bucks at this point in time. I don't hate the stock. I just like other stocks better.
I would love to throw a little money into GoPro, but the price is a little steep for me right now. It is a very cool camera system with a lot of functionality. I imagine that it will be a staple in many homes in the future so it would be good to invest in.
Waiting at least 6 months until after the lockup to buy offers another advantage - you get to see a couple of quarters of earnings reports and forecasts.
Maybe the stock would go up to $72. If you are talking law enforcement equipment then you would expect a major effect on the prices on GoPro.
Well, read yesterday that Washington D.C. [of course; makes sense to put a pilot program at the U.S. Capitol City] Police Departments, now require their agents to strap up a body camera with their uniform. So maybe in half a year, or possibly the end of 2014, Go-Pro stocks will surge in value? Maybe; or the program could be a dud and fall out of favor, possibly affecting mass future sales of Go-Pro.
I have been watching go pro for a while. I hope to invest a little money into it in the upcoming months. I think they have a great company and product. They seem to be doing innovative things with their marketing and development.
Remember, you aren't investing in whether or not the company will succeed or not... you are investing in whether or not the common shares will appreciate in value. This is another case of a good company with a good product getting way ahead of itself. With a market cap of over $10B now and a P/E over 200, there is absolutely no margin to disappoint and this will probably come back on GOOD earnings as each new quarter allows it to be evaluated based on facts and not hype. JR hit the nail on the head when he mentioned watching for the lock up period to expire. That will happen near the end of December and they may be a good short candidate if the price is still this high at that time. I looked at the Puts Friday and they were priced really high as interest is picking up on them. Short interest went over 8M shares rising over 2M shares the last period. Never fight a momentum stock. they looked high to me at $70, but I am still observing and glad I didn't short into this run like others have. I really like this company, too, but good companies can have bad stock valuations and don't get caught at an unsustainable high with this one. Friday's close was $82.10 with $82.90 after hours for those following the thread in the future.
