What: Shares of GoPro (GPRO -3.19%) rose more than 12% Tuesday on no material news.

So what: That's not to say there isn't any news concerning GoPro. On Monday, for example, the company issued a press release highlighting its collaboration with The Recording Academy on GRAMMYcam, through which it used HEROCast-enabled HERO4 Black cameras integrated into the base of six gramophone statues to capture different facets of the live events surround the 2016 GRAMMY awards. This is undoubtedly great publicity for GoPro, but doesn't exactly stand out as a stock-moving event.

That said, GoPro could also be enjoying sustained optimism surrounding its recent collaborative patent license agreement with Microsoft. The agreement centers around "certain file storage and other system technologies," and seemed to signal a renewed effort by GoPro to address key shortcomings of its content management ecosystem, which the company believes could be holding back sales of its flagship capture devices.

Now what: But investors should also keep in mind GoPro stock is still down more than 70% over the past year. That includes a 35% decline so far in 2016 on the heels of its painful fourth-quarter 2015 results and disappointing forward outlook, which drove shares to their lowest levels since GoPro's initial public offering in mid-2014. It's no surprise, then, to see shares enduring such volatility as opportunistic investors wonder whether GoPro stock has hit bottom.

As it stands, until GoPro offers concrete evidence showing plans to return to sustained growth in the coming quarters, I suspect investors will need to endure more wide swings (both up and down) like this one going forward.