GoPro is tanking

GoPro is tanking.

The stock is down nearly 7% at around $US40.53 a share on Wednesday afternoon.

Shares of the company are down 31% year-to-date. There was no immediate news from the company.

The stock has declined in recent weeks on concern that there’s strong competition coming from Xiaomi, which announced a 16-megapixel point-of-view camera last month, and Apple, which obtained a patent for a camera similar to GoPro’s offerings.

GoPro is one of the most shorted stocks on the Russell 1000 Index, according to Barclays.

In a recent note, analysts wrote that weaker-than-expected first-quarter guidance and the resignation of its COO are some of the other factors that have driven down the stock.

Here’s a chart showing the drop in trading Wednesday.

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