Why GoPro Stock Is Skyrocketing Today

Key Points

• GoPro is rocketing higher today thanks to its newly attained status as a hot meme stock.

• While the company's valuation has soared, the fundamentals of the business haven't changed.

• GoPro stock could see more bullish meme-driven momentum, but the company's share price has already pulled back a lot from today's high.

• 10 stocks we like better than GoPro ›

GoPro (NASDAQ: GPRO) stock is posting massive gains in Wednesday's trading. The action-camera specialist's share price was up 23% as of 12:45 p.m. ET and had been up as much as 73% earlier in the session.

Despite the huge rally for the stock, there's not any business-specific news pushing GoPro's valuation higher today. Instead, the company has recently gained favor as a meme-stock play -- and some investors are buying up shares in hopes of scoring big returns in a short period of time.

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GoPro surges on meme-stock rally

Meme-stock traders have identified GoPro as one of their next favored plays, and their buying action is helping to spur huge gains for the company's share price. The action-camera specialist's stock is now up roughly 4% over the last year of trading, but its still down roughly 68% over the last five years. The business has been struggling as its faced commodification pressures in the camera market, and its beaten-down valuation helped to set the stage for its recent meme-driven rally.

What's next for GoPro?

With expectations that interest rates could fall in the near future and that the Federal Reserve will cut rates multiple times this year, speculative stocks have come back into fashion. While it's possible that GoPro's rally could continue, investors should be careful about betting that the stock will be the next GameStop.

GoPro's core business still faces the same challenges that it did prior to its big valuation pop, and there's a big risk that its share price will plummet when the meme momentum loses steam. On the other hand, it's possible that the company will be able to take advantage of the recent valuation surge by selling new stock at it current elevated levels.

Should you invest $1,000 in GoPro right now?

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.