GoPro Hits All-Time Highs, More Than Triples From IPO Price
Shares of GoPro, which bills itself as the “world’s most versatile camera,” surged nearly 8%, hitting all-time highs Wednesday. At above $78, the stock has more than tripled from its initial public offering price of $24 in late June.
It’s unclear what is driving Wednesday’s price surge, but rumors that GoPro will release a new camera in mid October have been circulating. Shares in GoPro have rallied more than 80% in the past month. WSJ’s Heard of the Street wrote last week that Chief Executive Nick Woodman said at an investment conference in August that the company’s next camera release would be “a big one,” sparking investor excitement.
GoPro has attracted its share of skeptics who have called the top of the stock. Seven out of the ten analysts tracked by FactSet have hold ratings on the stock. And of the three analysts that have buy ratings have a price target that is below where GoPro is trading.
While still in its infancy as a public company, GoPro has prevailed. It’s the best performing IPO of 2014, according to Dealogic. After pricing at the top end of its projected range, GoPro’s stock popped 31% on its first day of trading. Aside from a few pullbacks, GoPro shares have been steadily rising since June.