According to the founder and managing member of Brian Kelly Capital LLC, GoPro Inc (NASDAQ:GPRO) leadership and its transformation is the reason why it is a buy.
“I still maintain [that] the only reason you buy the stock is you believe that Nick Woodman can make Heinz Tomato Ketchup and by that I mean he can build a brand,” Kelly says in the discussion.
He adds that he “absolutely” think that the GoPro Inc (NASDAQ:GPRO) founder and CEO is capable of building a brand and has already done so. However, going beyond just building a brand, Woodman is transforming his business.
“And look at what he is doing with the NHL, right? To me that’s a transformative deal that you can have this live streaming with the NHL. That can change how we watch sports so for me, that’s why you buy GoPro,” Kelly notes.
And if ever there was a good time to buy GoPro Inc (NASDAQ:GPRO) shares, it is when they have a pullback such as yesterday’s downturn.
As for the National Hockey League deal Kelly talked about, he was referring to an announcement the company made in January of a deal with the NHL to live-stream video of games. To be clear, however, that deal was only for the 2015 Honda NHL All-Star Skills Competition and the 2015 Honda NHL All-Star Game.
NHL Senior Vice President of Programming and Production Bob Chesterman in a statement then that regular games, in the near-future, will not feature live-streamed content through GoPro cameras.
The camera maker, however, said that the partnership with the NHL was the first significant step it is taking in content production and coverage of professional team sports.
Others have remarked that while this may be a good thing for GoPro Inc (NASDAQ:GPRO), the NHL deal signifies a certain desperation of the professional sports league as it aims for more viewers.
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