(Newswire.net — October 18, 2014) — GoPro shares (NASDAQ: GPRO) swere down 7.5% in midday trading today, falling as much as nearly 14%. Shares continued to drop in after hours trading to below $74.
The decline in GoPro also comes during a turbulent period for stocks, with the Nasdaq falling 2.3% Friday on fears of an economic slowdown in Europe and China.
“The problem for Michael was not the hit, but the mounting of the Go-Pro camera that he had on his helmet that injured his brain,” said F1 commentator Jean-Louis Moncet, Yahoo Sports reported Saturday.
Schumacher was seriously injured in the French Alps skiing accident when he fell and hit a rock with his head. According to an investigation released in February. The helmet he was wearing shattered on impact but the GoPro ‘Hero’ camera attached to it remained intact.
GoPro’s lightweight shock and water resistant cameras are widely used by adventurers and enthusiasts to record their activities in high resolution video.
GoPro made its stock market debut on June 26, pricing its IPO shares at $24. The shares reached an all-time high of $98.47 on Oct. 7. It’s an IBD Leaderboard stock.
On Oct. 8th, distinguish financial advisor Piper Jaffray analyst Sean Naughton cut his rating on GoPro to neutral from overweight as GoPro stock fell 4%
“The current valuation leaves little room for additional upside,” Naughton wrote. “We remain bullish on GoPro’s growth opportunity, both in the near term and longer term, but would wait for a more attractive entry point.”
GoPro stock was also hit hard on Oct. 2 following an announcement that JPMorgan agreed to release 5.8 million shares from a lockup restriction, raising concerns of a large block sale.
However, despite huge market instability, GoPro cameras remain the most wanted cameras in the world.