GoPro Inc.’s market cap slipped back below $1 billion again on Friday after the sports-camera maker’s forecast fell short of Wall Street expectations, but some analysts see the company heading in the right direction. GoPro
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shares dropped as much as 15.5% Friday after the company’s earnings topped Wall Street expectations for the quarter but its forecast fell well below the consensus. Shares fell to an intraday low of $5.46 — or by as much as $1 a share from Thursday’s close — after opening at $6.17, the stock’s intraday high on Friday. At about 159 million shares outstanding, that means any drop below $6.30 a share puts the company below a $1 billion market cap. Shares had closed at $6.30 a share on Wednesday and then at $6.46 a share on Thursday.
GoPro faces inventory issues, a common refrain in this earnings season from consumer-electronics makers, as retailers are left with devices that didn’t sell during the holiday season. Wedbush analyst Alicia Reese, who has an outperform ratings and reduced her price target to $8 from $9, said in a Friday note that GoPro’s retail channel was the “primary culprit” in the mediocre results and “soft” first-quarter outlook. There were some silver linings, however. Since 2020, GoPro e …