What: Following a more than 12% rise Tuesday on no company-specific news, shares of GoPro (NASDAQ:GPRO) climbed another 11% as of 3:00 p.m. EST Wednesday with no clear catalyst.

So what: It's worth noting the Nasdaq Composite Index is up a solid 4.5% over the past two days as of this writing, so it's not entirely surprising to see a beaten-down stock like GoPro -- which still sits more than 28% lower than it started this year -- enjoying outsized gains as the broader market rebounds. And with more than 42% of GoPro's total float sold short as of January 29, 2016, it's also possible that the recent sustained rise is squeezing some short-sellers out of their bearish positions.

Now what: As I wrote yesterday, however, these big "no-news" swings have little to do with GoPro's underlying business. And until GoPro's initiatives to return the company to sustained, profitable growth begin to bear fruit -- including a recent workforce reduction, improvements to its content-management software, and impending new hardware-product launches -- I won't be the least bit surprised if investors are forced to endure more volatility going forward.