Fri. Oct 18th, 2019

GoPro stock gains after hedge fund boosts stake, Hero8 Black shipments start early

1 min read

Shares of GoPro Inc.

GPRO, +8.14%

are up 8% in Friday trading after the company announced that it has been fulfilling pre-orders for the new Hero8 Black cameras a few days ahead of schedule and put out a filing disclosing that a hedge fund has boosted its stake in the action-camera maker. The company was supposed to begin shipments on Oct. 15. GoPro’s stock got punished last week after the company lowered its full-year forecast to account for production delays involving the Hero8 Black, a camera that was announced earlier this month. Also on Friday, the company issued a Securities and Exchange Commission filing showing that hedge fund Prentice Capital Management has increased its stake to 12,467,119 shares, or roughly 10% of GoPro’s Class A stock. An August filing indicated that Prentice owned 7,922,010 shares, or about 6.5% of the Class A stock. The shares are down 34% over the past three months, while the S&P 500

SPX, +1.52%

has lost 0.5%.

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