What has GoPro (NASDAQ:GPRO) done to deserve the market's scorn of late? The stock has gone from euphoria to outcast in the matter of a few months, but along the way, the company has performed extremely well.

You can see below that GoPro's revenue and net income have grown at an incredible rate and there's not a lot of evidence that its strong momentum is suddenly going to stop. That may make GoPro a great value for investors right now.

GPRO Revenue (TTM) Chart

GPRO Revenue (TTM) data by YCharts.

Session price cut not a problem
One of the reasons Wall Street has panicked about GoPro recently is the sudden price reduction of the GoPro Hero 4 Session. The product came out at $399 and was quickly reduced to $299, presumably because sales weren't doing well.

While on the surface it's easy to read into this move, it's clear that GoPro mispriced the product from the start. When the GoPro Hero 2 launched, it was $299 and the line went up from there. The recent Hero 4 line launched with a $399 minimum price point, which was a mistake. Reducing the price of the Session product just corrected that mistake.  

Long term, this will be a blip on the radar for GoPro. The company will be able to test the adoption rate of the Session model and incorporate the features and form factor users love in the next-generation product, which will come with full ultra HD.

GoPro has always been a favorite for drone owners and we will soon see a drone from GoPro itself. Image source: DJI.

Growth options galore
So far, GoPro has relied on a small line of cameras and accessories for nearly all of its revenue. But the company has growth options galore brewing in the lab. Drones, virtual reality, and software are opportunities CEO Nick Woodman has identified and they could augment its existing business model. 

Branching into some new products could not only bring GoPro growth, but it could also stabilize the company's revenue and earnings long term. 

The value in GoPro today
Consider that last quarter GoPro grew revenue 72% and yet the stock trades at just 26 times trailing earnings and 14 times next year's estimates. Even if GoPro doesn't grow the Hero line of products at all, it could be a value for investors. New products are on the way and GoPro has proved the ability to successfully develop and launch products in its short history. 

I think the falling stock price and new product options present investors with a great value for the stock and tremendous upside if GoPro can execute on any of its growth initiatives. It's not a no-risk stock, but a low P/E ratio and high growth rate give investors an attractive risk/reward scenario, which is what they should look for in growth stocks like this. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.