GoPro, Inc. (GPRO) develops hardware and software solutions for capturing, managing, sharing and enjoying engaging content. The company’s mountable and wearable cameras and accessories, which are referred to as capture devices, enable professional-quality capture and exceptional versatility. GPRO is currently trading around $88.82, hitting an all-time high today as investors gear up excitement in light of rumors that the company is building a more affordable, budget camera.
Leaked information indicates that the new camera, which unlike their flagship model, will have no WiFi or Bluetooth connectivity, no 4K video mode, and no touch display. The device will reportedly have a one-touch QuikCapture button, high quality 1080p 30fps and 720p 60fps video, 5-megapixel camera with 5-frame-per-second burst photo mode, and a microSD card slot for up to 32GB storage. GoPro’s affordable camera will come with a non-removable, rugged waterproof case, 2.5 hours of battery life, and a built-in microphone.
The price point for the new device has yet to be determined, however, investors are viewing the new information favorably for the wearable device company. GoPro is currently trading at a lofty forward price to earnings multiple of 93x, and forward price to sales multiple of 7.5x. Meanwhile, short interest in the stock has increased rapidly, as the possibility of $100 share price might be in the not-too-distant future.
Shares continue to trade higher in today’s session, maintaining momentum above the Ichimoku cloud and trading at above average volume.