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What's Driving Up GoPro?

What's Driving Up GoPro?
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Shares of GoPro Inc (NASDAQ: GPRO) had a nice rally on Wednesday. Although the company’s stock has been a high flier since its IPO, the rally was backed by news from various sources that GoPro is about to launch its own lines of drones. With Amazon and Google experimenting with their own drones for commercial purposes, it seems right now GoPro will be the only company that'll focus on launching drones for consumers.

CNBC's Dominic Chu reported on the rumors and news surrounding the company’s entry into the drone space.

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“Shares of GoPro are taking off right now, this on news from multiple reports that GoPro may be getting into its own line of drones with its cameras by sometime next year they are aiming for price between, say these reports, between $500 to $1,000 per piece. So, GoPro looking to get into the drone business here,” Chu said.

“Also interesting on the flight side of things, we have got some interesting headlines from the FAA, they say that there are more reports of aircraft drone near misses this year, they also say that commercial pilots, airline pilots have spotted more than 100 drones while they were flying their own commercial planes.”

Shares of GoPro closed Wednesday at $79.05, up 5.81 percent. Shares are up about 1 percent in Friday's premarket session.

Posted-In: Dominic ChuCNBC Tech Media Best of Benzinga


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