GoPro turns bullish on upward revision of Q3 2020 view

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GoPro turns bullish on upward revision of Q3 2020 view

On the basis of Q2 2020 GAAP and non-GAAP net loss that narrowed from last year, the forecast predicted by many was an appreciation in the stock of wearable action camera manufacturer GoPro Inc (NASDAQ: GPRO).

Binary Brokers expressed an interest to purchase a call option to gain from the predicted uptrend.

The stock, which was trading at about $9 at that time, closed above $10 in a week’s time.

Correspondingly, the option expired in the money. We anticipate the uptrend to continue due to the facts provided below.

Last Thursday, GoPro stated that it expects FY17 third-quarter revenue to be at the high end of its prior guidance range of $290 million to $310 million. The company also anticipates the gross margin to be at the higher end of its forecast range of 36% to 38%.

GoPro

On a non-GAAP basis, GoPro now expects to be profitable in the third-quarter of 2020. While announcing the second-quarter results, the company had stated that it expects a net loss of $0.06 to earnings of $0.05 per share in Q3 2020.

Since October, the stock had fallen by almost 50%, mainly due to concerns over the possible loss of market share to smartphones and similar devices from rivals such as Garmin and Sony. The delay in the launch of Karma drone and production issues related to Hero 5 camera also had a negative impact on the sales, thereby creating a bearish view of the stock.

GoPro has managed to sort out the production related issues and is now preparing itself to launch Hero 6 by the end of this year. Along with Hero 6 – the latest version of its action cameras – GoPro is also planning to introduce a new Fusion 360 camera during the upcoming holiday season.

Commenting on the upwardly revised guidance, GoPro’s COO Porber stated that the company is optimistic of achieving a double-digit revenue growth and turning profitable on a non-GAAP basis in 2020. More importantly, GoPro now sees an increase in demand for its products, which would result in a turnaround in operations. Thus, an upwardly revised guidance, the planned introduction of HERO 6, and an increase in demand for the products is expected to keep the stock of GoPro bullish in the current quarter.

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The stock has broken the upper band of the Keltner channel. Additionally, the Chaiking money flow indicator is moving above the zero level. That confirms bullishness in the stock. Thus, we can expect the stock to consolidate and rise further.

We may trade a call option offered by any of the binary brokers listed here. The factors which are worth considering before entering a trade are the market price of the stock, which should be near $10.50, and expiry date, which should be closer to September 21st.

GoPro turns bullish on upward revision of Q3 2020 view

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Trading Suggestions and Market News

Beyond a successful trading strategy and commendable money management practices, a binary trader should also update himself with the latest economic and geo-political news around the world. It is also a must for beginners to regularly read through trading tips to understand how the analysts arrive at a buy or sell recommendation. In this regard, this website provides you with regular trading tips along with the news that dominates the headline on a given day.

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For the following reasons, every binary trader must know what is happening in the market.

    Enables a trader to pick the right asset:

When the market is focused on a particular asset, it is better to avoid trading in some other asset as it will lack of liquidity and volatility. A trader should always remember the adage ‘make hay while the sun shines’. In order to pick the right asset, a trader should regularly go through the trading tips and market related news provided in various forums and binary trading related websites such as this one. By studying the tips provided in this website a trader will have so much of valuable time and money saved in searching for a suitable asset for trading.
Avoid wrong entries:

By following the news headlines and trading tips, a trader can avert irreversible mistakes such as purchasing a put option when there is a high impact bullish news and vice versa. Likewise, the market may have a bullish view on an asset and it cannot be understood by fundamental and technical analysis. In such cases, only those websites that offer regular trading tips and market news would enable a binary trader to understand why a particular asset is moving up (or down) in spite of bad (or good) economic data. Thus, it is not a wonder to see a news trader make consistent profits from the market.

For example, the economic data related to Japan continues to remain negative to a certain extent. However, the Yen continues to rise against the major currencies irrespective of the efforts taken by the Bank of Japan to weaken it. Only those binary traders who go through websites such as this one can understand that it is the safe haven appeal that keeps the Japanese Yen bullish.

Thus, from the above discussion, it can be understood that it is highly necessary for a trader to keep himself abreast of the developments that determine the price movement of an asset in the market.

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