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Shares of GoPro (GPRO - Free Report) gained nearly 10.5% in morning trading Monday. While no verifiable news appears to be causing today’s trading activity, it looks like investors are becoming bullish on the stock based on new rumors about its upcoming product releases.
In a recent interview, GoPro CEO Nick Woodman confirmed that the action camera maker will release three new devices this year. GoPro has yet to release any new products in 2016, meaning that the second half of the year should be busy with launches.
The latest rumor surrounding these upcoming products is that the newest edition of the company’s signature camera line, the GoPro Hero 5, will launch alongside the company’s first ever drone. The Hero 5 is also expected to be able to capture video at 8K resolution.
GoPro’s first drone, called the “Karma Drone,” was originally slated to be released in the first half of 2016, but its launch was delayed earlier this year. Woodman and GoPro now expect the Karma Drone to launch sometime before the holiday season.
Coming into the week, shares of GoPro were down over 40% on the year, and it is clear that the San Mateo, California-based company will need to push the envelope to recover.
"Our growth rate has slowed, and some analysts have attributed this to competitive threats and our ability to address a market beyond our core customer," Woodman said in during his first investor call of the year.
If GoPro’s newest camera can pack an 8K resolution punch, the company may be able to regain some of its market share in an increasingly competitive industry. Furthermore, the company’s new drone product will see it break into a market it has yet to enter.
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Why Is GoPro (GPRO) Stock Soaring Today?
Shares of GoPro (GPRO - Free Report) gained nearly 10.5% in morning trading Monday. While no verifiable news appears to be causing today’s trading activity, it looks like investors are becoming bullish on the stock based on new rumors about its upcoming product releases.
In a recent interview, GoPro CEO Nick Woodman confirmed that the action camera maker will release three new devices this year. GoPro has yet to release any new products in 2016, meaning that the second half of the year should be busy with launches.
The latest rumor surrounding these upcoming products is that the newest edition of the company’s signature camera line, the GoPro Hero 5, will launch alongside the company’s first ever drone. The Hero 5 is also expected to be able to capture video at 8K resolution.
GoPro’s first drone, called the “Karma Drone,” was originally slated to be released in the first half of 2016, but its launch was delayed earlier this year. Woodman and GoPro now expect the Karma Drone to launch sometime before the holiday season.
Coming into the week, shares of GoPro were down over 40% on the year, and it is clear that the San Mateo, California-based company will need to push the envelope to recover.
"Our growth rate has slowed, and some analysts have attributed this to competitive threats and our ability to address a market beyond our core customer," Woodman said in during his first investor call of the year.
If GoPro’s newest camera can pack an 8K resolution punch, the company may be able to regain some of its market share in an increasingly competitive industry. Furthermore, the company’s new drone product will see it break into a market it has yet to enter.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>