GoPro Inc. (GPRO) shares are surging 5.19% in Thursday's trading session, continuing the momentum from the recent meme stock rally. This uptick follows a remarkable 12% spike in the previous session, as retail traders flock to the action camera maker's stock.
The surge in GoPro's stock price can be attributed to the ongoing meme stock phenomenon, with retail investors showing unprecedented interest in the company. According to Vanda Research data, retail buying for GoPro shares reached its highest level since March 2021 on Wednesday, indicating a strong bullish sentiment among individual traders.
Despite a brief 3.3% dip in premarket trading, GoPro's stock has quickly rebounded, showcasing the characteristic volatility of meme stocks. The company's relatively high short interest may also be contributing to the price surge, as the potential for a short squeeze attracts speculative buyers. As the meme stock frenzy continues, investors should be prepared for further volatility in GoPro's share price.
