Summary
GoPro announced earnings yesterday after the bell.
The market initially was positive about the release, but shares have fallen back down as the market is unsure about how to read this release.
I remain bullish on GPRO and suggest that readers who took my recommendation and purchased shares at $7.24, continue to stay long and not take their profits yet.
I have been following GoPro (NASDAQ:GPRO) since its IPO in 2014. Initially, I had a bearish stance, as I believed the market was exuberant about GPRO's prospects. Below is a snippet from my article that I wrote in October 2014.
Then, after the market fell out of favor with GPRO and the stock dropped precipitously, I changed my stance and became bullish on its prospects. In early January, I wrote an article entitled "GoPro: I'm Changing My Stance." At this time, I took a long position in the stock. The stock was trading at $9 per share at this time.
Timing the market is incredibly difficult and, in retrospect, I first entered the position a bit too early. Nonetheless, when I have a high conviction in a stock, I become agnostic as to which direction the stock moves since I am perfectly happy to average down my cost, as the stock moves downward. In line with this sentiment, I continued to average my position down and believed that GPRO's stock was temporarily being pushed down by short sellers.
On March 15, 2017, I wrote another article reflecting this sentiment and suggested that readers buy shares at $7.18 per share, which was about at its 52-week low. Readers that took my recommendation at this time have seen gains of 23% already. (Note: my article was published when the stock was trading at $7.24 per share, but was at $7.18 when I submitted it).
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