Why GoPro Stock Surged by 5% on Wednesday
Key Points
The action camera maker rolled out a new line of accessories.
This was only one element in its rise that day, however.
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The combination of a broad meme stock rally and the introduction of a new set of products made GoPro (NASDAQ: GPRO) a popular stock on Wednesday. With those tailwinds, shares of the action camera and accessories purveyor jumped almost 5% higher, on a day when the S&P 500 (SNPINDEX: ^GSPC) was hit with a 0.5% sell-off.
A tasty development
While not all meme stocks are created equal, they can move more or less in tandem. Fortunately for GoPro, that momentum is positive just now. Much of this has to do with recent news from fellow meme title Beyond Meat, which has seen its share price rocket higher in recent days.
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Image source: Getty Images.
This arose from a tender offer for $1.1 billion worth of Beyond Meat convertible debt that ended up minting over 316 million new shares of its stock. That'll result in some serious share dilution, but at a stroke it improves the balance sheet immeasurably. As of Wednesday, the food company's shares were still rising in a relief rally, and other meme stocks were riding the wave.
Separately, GoPro announced a lineup of new accessories for its current GoPro 360 cameras. The rather extensive set of offerings includes a lens replacement kit, a premium battery, a protective case, and an extension pole, among other 360-enhancing products.
A bit too focused
It almost goes without saying that investors should be very judicious and careful with any meme stock. After all, they are volatile and can spike or sink on even the most trivial of developments. Personally, I feel that GoPro has good products, but it's selling into a niche market that's limited, in an environment where many consumers are satisfied enough with their smartphone cameras.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Beyond Meat. The Motley Fool has a disclosure policy.
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