Update: GoPro Up Double Digits In Second Day Of Trading -- Time To Buy?
Up, up and away! Share prices of highly anticipated camera maker GoPro (NASDAQ: GPRO) soared into its second day.
During heavy trading, the newly minted stock rocketed to a high of $39.80.
In its debut, GoPro priced at $24 per share, the high end of its range. Trading opened at $28.65 and never looked back. The first day closed at $31.33, a 9.4 percent gain from the open and an astounding 30 percent gain for buyers of the IPO.
Day two, meanwhile, provided nothing less than stellar gains for the tiny camera maker. The stock opened higher at $32.97, held a tight range for a half hour and then found its legs.
Less than two hours after putting in a support level, GoPro traded near $40 per share, before pulling back in a slight correction. Near 2:00 p.m., GoPro began its trek back to the sky.
Despite its solid first few days of trading, caution should be the theme when looking to buy shares of the company. GoPro is reportedly shifting its future towards branding itself as a media company that also happens to make awesome cameras.
Resources will be redirected and focused on a business segment that currently is not being monetized, and that, along with increased competition could adversely impact performance, both near and long term.
Disclosure: The author holds no positions in the mentioned securities.
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