GoPro: Profit Taking On Old News?

Shares of GoPro Inc GPRO were volatile on Monday, trading lower by more than 9 percent. Bloomberg reported that the move lower may be attributed to news reports that F1 driving legend Michael Schumacher's skiing accident was directly linked to a GoPro attached to his helmet.

Shares of GoPro lost 9.85 percent, closing the day at $76.67 on higher than average volume.

France-based journalist and F-1 blogger Jean-Louis Moncet said over the weekend that "the problem for Michael was not the hit, but the mountain of the Go-Pro camera that he had on his helmet that injured his brain."

Moncet's comments echoed similar news reports that were published as early as February. The Telegraph reported that investigators are looking in to the possibility that Schumacher, a professional athlete and experienced skier, may have experienced a worsened accident as the result of the GoPro camera.

Joel Elconin, host of #Premarket Prep, told Benzinga that it is important to "keep in mind this stock traded as low as $28.65 during its IPO and traded nearly at $100 in a little over three months, those kind of moves are unsustainable."

Elconin, a professional trader has been following GoPro's action since its IPO, also said that the company has released one earnings report, leaving investors with insufficient fundamentals to justify buying shares at current levels. Elconin adds that a lot of investors are "sitting on a lot of profits."