GoPro's Stock Soars 60% After Hours: Here's What's Going On

GoPro Inc. GPRO witnessed a surge in its stock value during after-hours trading on Tuesday. The stock value increased by 59.85% to $2.19, continuing the momentum from the regular trading session. Here's all you need to know.

Check out GPRO how stock is trading here.

What Happened: GoPro’s stock closed at $1.37 during the regular trading session on Tuesday, but experienced an increase during after-hours trading, reaching $2.19, marking a 59.85% increase. This sharp increase comes amid a renewed interest in meme stocks, with retail investors driving up the prices of companies like GoPro, reminiscent of the earlier rallies seen with GameStop Corp GME and AMC Entertainment Holdings Inc AMC.

GoPro’s stock value has been fluctuating in recent times. The California-based technology company recently won an initial ruling against Insta360 for patent infringement.

GoPro's founder and CEO, Nicholas Woodman, stated in this case, "We will not sit idle while we believe others unjustly take advantage of our hard work, investment and innovation."

Why It Matters: GoPro’s recent stock value surge is indicative of the impact of legal rulings and financial performance on investor sentiment. The company’s ability to secure favorable legal outcomes and exceed financial expectations. The increase in stock of the company demonstrates the importance of these factors in the stock market.

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GoPro’s stock value has also been influenced by its financial performance. In May, the company announced that it expected its second quarter adjusted earnings per share to be between $(0.11) and $(0.03), compared to the estimated $(0.12). The company also projected its sales to be between $135M and $155M, surpassing the estimated $124.65M. These positive financial projections have likely contributed to the recent surge in stock value.

Price Action: GPRO stock closed up at 41.03% at $1.37 during regular trading hours on July 22.

Benzinga’s Edge Stock Rankings indicate GoPro has a Value score of 37.74. Here is how it compares with other stocks fueled by retail investor hype, high short interest, and social media buzz—such as Redfin (RDFN) and Opendoor Technologies (OPEN), which have seen frenzied trading.