GoPro Volatile Following Conflicting Comments From Citigroup And The Company

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

GoPro Inc GPRO shares are trading lower by $0.99 at $57.69 in Wednesday's session. The issue is well off its lows for the session at $55.12.

The steep decline off the open was instigated by comments made at Citigroup, which lowered future growth estimates as far out as 2018.

The steep decline off the open found support at $55.15. That low coincided with a pair of lows from May 28 ($55.03) and May 29 ($55.08) that provided the foundation for the rally to $61.19 on Monday.

That marks the highest level for the issue since it peaked on January 9 at $61.70, as the issue was coming off its all-time high ($98.47) that was made last October.

Of note, the rebound off the lows received a boost when GoPro's President and CFO expressed confidence in the company's long-term growth when speaking at Piper Jaffray's annual Consumer Conference in New York City.

Moving forward, investors may be focusing on the high close of the recent move last Friday ($59.41), which was flanked by another close at the level the following day at $59.40.