GoPro stock price staged a strong recovery this week as it became a favorite name among meme investors. What next for the GPRO shares?

GoPro (GPRO) shares rallied as much as 70% on Wednesday morning as retail investors on online forums, including Reddit, lit up with enthusiasm for the struggling camera brand. Meme stock enthusiasts went after GPRO this morning as nearly 10% of its float was sold short heading into today.

GoPro is rocketing higher today thanks to its newly attained status as a hot meme stock. While the company's valuation has soared, the fundamentals of the business haven't changed. GoPro stock could see more bullish meme-driven momentum,

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

Why It Matters: GoPro’s recent stock value surge is indicative of the impact of legal rulings and financial performance on investor sentiment. The company’s ability to secure favorable legal outcomes and exceed financial expectations. The increase in stock of the company demonstrates the importance of these factors in the stock market.

What Happened? Shares of action camera company GoPro (NASDAQ:GPRO) jumped 13.1% in the afternoon session as the stock continued a recent positive trend. The action camera maker's stock was on an upswing,

Summer is historically the hottest season of the year for GoPro sales as consumers gear up to capture memories from vacations. What’s unexpected this year is Amazon’s decision to drop the brand-new GoPro HERO13 Black to a record low. It is now available for just $329, down from its regular list price of $429.