Why Did These Stocks Jump Today?

Barrick Gold Corporation (USA) (NYSE:ABX)

  • Investors with Long Positions (as of June 30): 42
  • Aggregate Value of Investors’ Holdings (as of June 30): $1.64 Billion
  • Percentage of Shares Owned by Investors: 13.20%

As with Yamana Gold, Barrick Gold Corporation (USA) (NYSE:ABX) has also enjoyed a strong day and week, gaining 6.63% today and 16.44% this week. A stock we recently ranked as the top gold stock under $10 that was poised to explode, Barrick Gold has gained nearly 20% since the publication of that article. The stock was very popular among the investors in our database, who held 13.20% of its common shares after upping the value of their stakes by 17% during the second quarter, despite shares declining slightly during that stretch. First Eagle Investment Management holds 40.38 million shares of Barrick Gold Corporation (USA) (NYSE:ABX) after upping its stake in the stock by 39% during the second quarter.

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GoPro Inc (NASDAQ:GPRO)

  • Investors with Long Positions (as of June 30): 21
  • Aggregate Value of Investors’ Holdings (as of June 30): $485.28 Million
  • Percentage of Shares Owned by Investors: 10.20%

Lastly is the action-wearable-camera maker GoPro Inc (NASDAQ:GPRO), which has enjoyed its first strong day in nearly a month after sentiment took a dive around mid-August. Shares are up by 8.59% in afternoon trading today, though they are still down slightly for the week. GoPro suffered a big dip on Wednesday after Morgan Stanley (NYSE:MS) slashed its price target on the stock to $35 from $62, citing weak demand for the company’s new Session camera, its smaller alternative to some of its other wearable cameras. That weak demand led GoPro to cut the camera’s price to $299 from $399 recently.

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Shares are now down by over 52% year-to-date despite solid growth observed in its latest earnings report, which sent shares up modestly after it was released in late-July. Revenue was up by 72% year-over-year to $419 million, profit stood at $35 million after losing nearly $20 million in the same quarter a year ago, and margins grew by 4.2 percentage points to 46.3%. Nonetheless, the belief is that there is limited growth potential for GoPro outside of its action-sports niche, which it has already conquered.

Sentiment was mixed towards GoPro Inc (NASDAQ:GPRO) among the investors we follow, as while the total number with long positions declined from 25 during the second quarter, their collective holdings shot up from just $284.33 million. Donald Chiboucis’ Columbus Circle Investors was leading that charge of capital into the stock, opening a new 1.01 million-share position in it during the second quarter, valued at $53.01 million on June 30.

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