GoPro (GPRO) Stock is the ‘Chart of the Day’

NEW YORK (TheStreet) --Shares of GoPro Inc. (GPRO) are higher by 3.81% to $57.01 in early afternoon trading on Tuesday. Earlier this morning GoPro received a positive analyst note from JMP Securities.

The firm upped its earnings estimates on the wearable camera maker, while maintaining its "market perform" rating and $105 price target on GoPro.

JMP raised its "2016 non-GAAP EPS estimate to $2.10 from $2.00 (Street $1.95) to account for GoPro's entry into the drone market in 2H16, and we estimate that rapid growth and advances in both the drone and VR industries means that GoPro's TAM will increase by billions of dollars by 2020," JMP said in an analyst note.

TheStreet's Bryan Ashenberg and Bob Lang of Trifecta Stocks have identified GoPro as the "Chart of the Day." Here is what Ashenberg and Lang had to say about it:

The chart shows a channel that has the potential of being a handle of a cup-and-handle pattern, yet the recent down days have had bigger volume bars. There is gap support just below $54 but the Moving Average Convergence Divergence sell signal is still on.

The top pane shows a break below 50 on the Relative Strength Index, a battleground since March. This one should be carefully watched. The recent decline in semi supplier Ambarella (AMBA) also has had a negative effect.


Want more like this from Bryan Ashenberg and Bob Lang BEFORE your stock moves? Learn more about Trifecta Stocks now!

Additional Insight from TheStreet Research Team:

Cody Willard commented on GoPro in a recent post on RealMoney.com. Here is a snippet of what Willard had to say about the stock:

Speaking of GoPro this Periscope concept is exactly what the company was supposed to create/acquire when it said GoPro's strategy was "shifting to media." GoPro needs a Periscope knockoff that adds new features and even stores the video streams on a centralized database like YouTube does (and which Periscope doesn't do yet).

We recently rolled out a beta version of Periscope for finance people called Scutify Live. Others will be doing similar things for other niches, but Periscope has the potential to be the de-facto standard of video streaming -- and that is going to be worth tens of billions of dollars, too.

- Cody Willard, 'Twitter Has Scoped Out a Gold Mine' originally published 6/22/2015 on RealMoney.com.

Want more like this from Cody Willard BEFORE your stock moves? Learn more about RealMoney.com now.

More from Markets

Stocks Tumble as Trump Calls Off North Korea Summit

Stocks Tumble as Trump Calls Off North Korea Summit

Stocks Could Easily Crater Into Memorial Day Weekend

Stocks Could Easily Crater Into Memorial Day Weekend

Video: Here Is How Real Estate Investment Trusts Can Boost Your Portfolio

Video: Here Is How Real Estate Investment Trusts Can Boost Your Portfolio

Celgene Shares Rise on Plans to Increase Stock Buybacks

Celgene Shares Rise on Plans to Increase Stock Buybacks

Global Stocks Slide as Trump's New Trade War Salvo Ignites Fresh Concern

Global Stocks Slide as Trump's New Trade War Salvo Ignites Fresh Concern