Shares of GoPro Inc. GPRO, -7.65% fell more than 5.6% Thursday afternoon, putting the stock on track for a six-day losing streak. Its shares traded down around $51.53 in afternoon trade, their lowest level since July 8, two weeks before the company’s second-quarter earnings report. Thursday’s sell-off followed a broader market decline, which shaved nearly 250 points off the Dow Jones Industrial Average in afternoon trade. Raymond James analyst Tavis McCourt attributed the stock’s recent volatility to technical factors and concerns about valuation. However, McCourt said in a recent note to clients that an analysis of Google Trends, which he believes provides insightful data in terms of sniffing out changes in global sell-through rates for certain consumer products, indicates still strong interest in the GoPro brand. Shares of GoPro are down 4.5% over the last three months, versus a 3.5% decline for the S&P 500, but remain up 17.3% on the last 12 months, compared with just a 3.2% increase for the S&P 500.
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