GoPro Inc GPRO shares are trading lower by $0.57 (6 percent) at $8.37 in Friday's session.
Despite an inline Q1 EPS report and $10.7 million beat for revenues, higher guidance and reduction in operating expenses, the stock is in the red in today's session.
Perhaps the reason for the weakness is the rally it had going into the report. Since making its all-time low on March 15 at $7.14, it rallied to $9.40 (32 percent gain) on Tuesday with its highest close for the run coming Monday at $9.18.
Off today's open, GoPro's stock immediately peaked at $9.00 and began to move lower. Once the buyers off the good report weren't rewarded, they turned into major sellers. It easily breached Thursday's low and so far has reached $8.20 and is attempting to rebound. That low coincides with its March 17 low ($8.26).
If the decline continues, there may additional support at its March 16 low of $8.05.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
