Wall Street was not very kind on most of the companies on Wednesday. But there were few winners too. One of the unexpected winners during the day was GoPro Inc (NASDAQ:GPRO). GoPro Inc (NASDAQ:GPRO) stock went up by 1.12% on Wednesday, which made it The Street’s ‘Move of the Day’. Keris Lahiff of The Street reported about GoPro Inc (NASDAQ:GPRO) stock and why it was chosen as The Street’s Move of the day.
Lahiff reported that GoPro Inc (NASDAQ:GPRO) got the backing from analysts which propelled the stock higher as it started trading on Wednesday. She pointed at the FBN Securities comments on GoPro Inc (NASDAQ:GPRO) stock. FBN securities said that GoPro Inc (NASDAQ:GPRO) stock has hit the floor as it is currently trading at less than half of its peak around $96 during October.
“[…] Wednesday was brutal on Wall Street. But there were few winners. GoPro spiked after getting analysts’ backing, making it The Street’s ‘Move of the Day’. FBN Securities called a bottom to GoPro with shares now more than half their old time high set in October. Analysts called action camera maker a ‘category killer’. The company has been beaten down over the past few months, after Chinese electronics maker, Xiaomi released its far cheaper Yi Camera. That’s a model in direct competition with GoPro’s products. Analysts argue the fear over the competition is overdone given GoPro’s superior image quality,” Lahiff reported.
Chinese phone maker Xiaomi launched their smartphone devices not too long back, which had huge response from emerging markets like India, China, etc. Many expected that they will take a big chunk of market share from Apple Inc. (NASDAQ:AAPL) and Samsung electronics. But, it did not seem to faze Apple’s iPhone sales.
Xiaomi also launched their Yi Camera, which falls exactly in the same category as GoPro Inc (NASDAQ:GPRO)’s action camera. Yi Camera was much cheaper when compared to the likes of GoPro Inc (NASDAQ:GPRO)’s Hero cameras. GoPro Inc (NASDAQ:GPRO)’s stock took a beating for the last 3 months due to this, during which the stock had lost more than 35%.
Lahiff pointed out that the fear of competition from Xiaomi is done for GoPro Inc (NASDAQ:GPRO) since GoPro Inc (NASDAQ:GPRO)’s products have better image quality.
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