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.