GoPro insiders are again moving around shares of the action camera maker. Among those who have recently unloaded some of their company’s stock are Chief Financial Officer Jack Lazar, Director Michael Marks and General Counsel Sharon Zezima.

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GoPro (GPRO) insiders sell shares

There has been a slew of insider transactions on GoPro Inc (NASDAQ:GPRO) already this month. CFO Jack Lazar acquired 25,000 shares of GoPro on June 8 after exercising some stock options. Then he turned around and sold all of those shares at prices between $59.17 and $60.87 per share on the same day. On May 28, Lazar acquired 75,000 shares of GoPro through stock options and then sold them on the same day for $55.03 per share, raking in about $4.1 million in the process

Director Michael Marks has been moving GoPro shares around quite a bit, acquiring 2,574 shares in a series of transactions on June 5 and 8 and then selling off 831 of those shares in two transactions on June 5. Also General Counsel Sharon Zezima sold 419 shares of GoPro Inc (NASDAQ:GPRO) on June 3 for $60 apiece.

Others exercise options, buy shares

GoPro Inc (NASDAQ:GPRO) Director Peter Gotcher exercised some non-qualified stock options and acquired 505 shares of the action camera maker in a transaction dated June 8. Last week he acquired nearly 11,000 common shares of GoPro and executed some restricted stock units.

Director Edward Gilhuly acquired some non-qualified stock options in a transaction dated June 8 and about 700 shares in two transactions on June 5 and June 8. Also Chairman and CEO Nicholas Goldman moved around some stock options for GoPro in transactions on June 3.

President and Director Anthony John Bates acquired 7,434 shares of GoPro after moving some options for the stock around on June 2, while Director Kenneth Goldman was awarded 841 shares.

GoPro shares fall

GoPro Inc (NASDAQ:GPRO) stock slipped today after an analyst warned that consumers may be losing interest in the company’s cameras. Shares fell as low as $55.59 per share this morning before partially rebounding. As of this writing, they were down 1.9% at $57.56 per share.

Today Citi analysts Jeremy David and Ehud Gelblum cut their shipment estimates for GoPro Inc (NASDAQ:GPRO), reporting that their surveys suggest that demand for the company’s action cameras may be falling. They now expect GoPro to ship 9.3 million units by 2018. Their previous estimate was 10.6 million.

The Citi team found that fewer consumers are planning to purchase action cameras this year, instead opting for drones and other ways to shoot virtual reality video. The report from Citi runs counter to price target increases from JPMorgan and Piper Jaffray.

While many have named competition from Xiaomi and other low-cost device makers as a major threat to GoPro, the Citi team suggests that drones may be a bigger threat. GoPro management may already be aware of this, however, as they recently announced plans to build their own drone.

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