Despite no news that would explain such a big move, GoPro shares gained nearly 10.5% in morning trading on Monday.
New rumors about the action camera company’s new product releases coming up could have played a part in the commotion.
GoPro CEO Nick Woodman recently confirmed that the company will release three new devices this year. This would be the first time GoPro releases new products this year.
Rumor has it that the newest edition of the company’s signature camera line, the GoPro Hero 5, will launch alongside the company’s first ever drone, the “Karma Drone.” CEO Woodman and GoPro now expect the Karma Drone to launch sometime before the holiday season.
The Hero 5 is also anticipated to delivery video at 8K resolution.
Last week shares of GoPro were down over 40% on the year, so Monday’s jump was more than welcome.
“Our growth rate has slowed, and some analysts have attributed this to competitive threats and our ability to address a market beyond our core customer,” Woodman defended in his first investor call this year.
Disclaimer: We have no position in GoPro Inc. (NASDAQ: GPRO) and have not been compensated for this article.