GoPro is tanking.
Shares fell by more than 4% in trading on Monday afternoon to the lowest level in several months.
The stock has been declining since last week, after Chinese manufacturer Xiaomi announced a 16 megapixel camera to compete with GoPro’s offerings. GoPro fell about 5% on the news, according to CNBC.
In a note Friday, Morgan Stanley’s James Faucette wrote that the company will dominate the point-of-view camera industry for a long time, although it will face “aggressive competition” from rivals.
Here’s the chart showing the stock’s plunge since last week: