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Why GoPro, Inc. Stock Dropped Today

By Steve Symington - Updated Oct 24, 2018 at 4:10PM

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The volatile shares of the action camera specialist plunged along with the broader market. Here's what investors need to know.

What happened

Despite a lack of company-specific news, shares of GoPro Inc. (GPRO -0.45%) were down 11.1% as of 3:45 p.m. EDT Wednesday. To be clear, there were no press releases, downgrades, SEC filings, or reports today that might otherwise cause such a decline.

Snapshot of GoPro HERO7 camera falling into water with an image of a sea turtle on the display

IMAGE SOURCE: GOPRO.

So what

It likely didn't help that the broader stock market fell hard today, with both the S&P 500 and Dow Jones Industrial Average down more than 2% as of this writing. At the same time, GoPro had rebounded more than 35% from its 52-week low (set in April) leading up to yesterday's close. That rise was aided by the company's prediction in August that it will return to sustained profitability by the end of this year, assuming a strong reception to its new HERO7 line of cameras.

Now what

Alas, the stock has been extraordinarily volatile in recent weeks -- both to the upside and down -- as investors place their bets on whether GoPro will be able to deliver on that prediction. Rest assured we'll be watching close, then, when the company releases its third-quarter results after the market closes on November 1, 2018. In the meantime, I wouldn't lose too much sleep over no-news moves like this one.

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