The rout in GPRO shares continued for the rest of the week, losing nearly 12% through Friday’s close.
But as we get closer to the 19th, GoPro stock is beginning to perk up, and its teaser tweet is beginning to take on more significance:
— GoPro (@GoPro) September 8, 2016
GPRO stock is making a small comeback on Monday, up some 3% as of this writing. Driving the move are expectations that the Hero 5 will be seen side-by-side with the Karma drone on Sept. 19, with Variety remarking that the company “is expected to officially unveil its next-generation consumer camera, dubbed the Hero 5, in the coming weeks.”
The Hero 5 would be GoPro’s first flagship camera since 2014, and alleged images of the camera have appeared online. Konrad Iturbe — who blogs about GoPro developments, among other things — speculates that Hero 5 will be waterproof and feature an interchangeable battery:
— Konrad Iturbe (@konrad_it) September 11, 2016
While nothing official has been confirmed, the increase in positive sentiment around the double-whammy of the Karma drone and Hero 5 was enough for GPRO shares to bounce off of support around $12.97. Rejecting its down move, GoPro stock is now making a bid to break through its 50-day moving average.
Whether the teasers showcase something groundbreaking or just an overblown marketing stunt remain to be seen, but Sept. 19 should be a day GPRO bears and bulls watch eagerly.
As of this writing, John Kilhefner did not hold a position in any of the aforementioned securities.