Struggling action Camera Company GoPro is set to push their small no display Hero 11 Black Mini camera in Black Friday sales as investors downgrade the stock due to poor returns.
The new Hero 11 Black Mini is 13% smaller than the Hero 11 Black with the Company looking for revenue anywhere they can according to observers.
During the past year Go Pro stock has fallen over 50% with a number of global brokerages selling stock while making new dowgraded reccomendations to clients. JPMorgan Chase slashed shares of GoPro from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $9.00 to $6.00 in a report on Friday.
In their 3rd quarter 2022 results revenue came in at US$305.1m down 3.6% from 3Q 2021. Net income was reported at US$17.6m down 94% from 3Q 2021.
Also taking a dive was profit margin that fell to 5.8% down from 99% in 3Q 2021.
Looking ahead, revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 1.2% decline forecast for the Consumer Durables industry in the US.
The company’s shares are down 4.3% from a week ago with retailers in Australia telling ChannelNews that demand for GoPro products are “definatly down”.
Video Pro is selling the new Hero 11 Mini for $590. JB Hi Fi is not ranging the product.
In the USA the same product is selling for $299.98 or A$447.