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GoPro (gpro) had a rough Monday with its stock tumbling as much as 33% to $5.04 after the company confirmed that it would lay off 20% of its workforce, or about 250 people. Longbow Research raised shares of GoPro from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $9.60 to $13.00 in a research note on Wednesday, October 18th.

Wittine explains that even with questionable timing, as this month has a real chance to signify a "low point" in the tech company's investor sentiment this year, with the analyst pointing to "multi-prolonged 2018 product cycle" and "cost cut benefits", before tomorrow's investor meeting at the worldwide Consumer Electronics Show (CES), he simply can no longer advise to buy this stock. The company will be cutting staff numbers and exiting the drone market. Meanwhile, they have announced they'll exit the drone market, as well as reducing CEO 2018 compensation to $1.

First announced in December of 2015, action cam company GoPro has pulled the plug on its heavily delayed, disastrous aerial photography drone, best known for its spectacular propensity for falling out of the sky.

Nick Woodman, the CEO of the action camera manufacturer stated that the company would consider a sale or partnership with another company, but the firm's intention would be to remain independent.

GoPro attributed the sales warning to the $80 million (€67 million) hit it is taking from a "price protection" policy on its Hero camera range and Karma drones.

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However, prices rebounded sharply following a report from CNBC that the company has hired JPMorgan to find a buyer. Furthermore, a hard regulatory environment in Europe and the United States will likely reduce the total addressable market in the years ahead.

The company said its Karma drone, which cost about $800 without a camera or about $1,100 with a camera, was the second-largest seller in its price range.

GoPro's fortunes have become so dire that it is even open to the idea of getting sold to another company.

"Despite significant marketing support, we found consumers were reluctant to purchase HERO5 Black at the same price it launched at one year earlier", said Woodman, adding that the company "is committed to turning our business around in 2018". The company went public at $24 a share in June 2014.

GoPro projected fourth-quarter sales of $340 million, well below the $474 million expected by analysts.


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