GoPro Stock Volatile After Unconfirmed Rumor Of Red Bull Stake

GoPro Inc

stock is volatile, trading up 1.16 percent at $18.31, after hearing unconfirmed market chatter of Red Bull having a 10 percent stake in GoPro. Piper Jaffray showed

Monday on GPRO as the company's shares lost 45 percent in the last three months, and are trading close to the lower end of their 52-week range of $15.90 - $69.75. Analyst James E. Faucette at Morgan Stanley,

GoPro's rating from Equal-weight to Underweight, while lowering the price target from $23 to $12 on December 14. The downgrade was based on expectations of stagnation in product growth, along with pressure on the stock valuation. Faucette expects high inventory levels to continue into 2016. Rumors also continue to circulate on the company from earlier this year. There has been unconfirmed news that GoPro was joining forces with Red Bull to develop a new media agency. GPRO shares declined 69.71 percent year to date, trading almost at their 52 week low on December 9. While the stock is trading down 11.03 percent away from its 50 Day Moving Average of 20.70, there are indicators that GoPro's current market price is trading -73.59 percent and +15.85 percent away from its 52-week high and low of 69.75 and 15.90 respectively.