Shares of GoPro (NASDAQ:GPRO) were moving so fast and so high last week that even one of its high-end action cameras may have only caught it as a blur. GoPro stock soared 21.6% last week, soaring after posting blowout quarterly results. A couple of analysts would go on to upgrade the shares following the strong report that featured better-than-expected results and a more robust outlook for the current quarter than they were targeting.

The maker of wearable cameras and high-end consumer drones saw its revenue climb 34% to $296.5 million during the second quarter. This is GoPro's third straight quarter of double-digit percentage gains on the top line. 

GoPro's deficit narrowed sharply since a year earlier, clocking in at $0.22 a share -- or $0.09 a share on an adjusted basis. Analysts were holding out for a loss of $0.25 a share on just $269.6 million in revenue. 

A snow skier wearing a GoPro Hero camera.

Image source: GoPro.

Freeze frame

Friday's rally briefly took the stock north of $10, the first time the shares were hitting double digits on an intraday basis since early February. GoPro is clearly in turnaround mode, but it's still far away from where it used to be. GoPro's recent growth streak comes on the heels of four consecutive quarters of double-digit declines. Last week's net sales spurt is welcome, but it's 16% below where it was two years ago -- and that was before the rollout of the Karma drone late last year.

GoPro's upbeat about its near-term prospects. It says it's still on track for its Hero 6 update and the introduction of Fusion, GoPro's 5.2K spherical camera. Even Karma -- GoPro's drone whose delays and buggy rollout last year burned the stock -- was the second best-selling drone brand in the country, according to GoPro. 

GoPro's guidance calls for revenue of roughly $300 million, well above the $278.5 million that analysts are modeling. It also sees a much smaller adjusted loss than what Wall Street pros are expecting. 

Wall Street's feeling better about GoPro. Longbow upgraded the stock from underperform to neutral. Tavis McCourt at Raymond James is also boosting his rating from underperform to market perform. He feels that GoPro is taking the right steps to simplify its business and keep operating costs in check. A conservative Hero 6 launch and kinder inventory levels at retailers bode well for next year. It's true that the analysts at Longbow and Raymond James are merely neutral on the stock now, but it's ultimately two less bears around. With the stock at its highest level in five months, it's safe to say that they're not the only former bears on GoPro.

Rick Munarriz has no position in any stocks mentioned. The Motley Fool owns shares of and recommends GoPro. The Motley Fool has the following options: short January 2019 $12 calls on GoPro and long January 2019 $12 puts on GoPro. The Motley Fool has a disclosure policy.