GoPro (NASDAQ:GPRO) shares recorded a combined gain of more than 128% on Monday, August 31, after Bloomberg reported that YouTuber Mark Fischbach, known as Markiplier, had accumulated an 8.5% stake in the action-camera company.
The stock rose 46.01% during regular trading before gaining a further 55% in after-hours trading to reach $1.37.
According to Bloomberg, the 8.5% holding makes Fischbach GoPro’s largest individual shareholder.
Second-quarter revenue falls 31.3%
The share-price movement comes after GoPro reported lower revenue and camera sales for the second quarter.
Revenue declined 31.3% year over year to approximately $105 million, while the company recorded a net loss of $51 million. Camera sales fell 38% compared with the same period a year earlier.
GoPro has also reduced its workforce by 23% this year. Management has expressed substantial doubt about the company’s ability to continue operating.
Analyst price targets remain below share price
Analysts have a consensus “strong sell” rating on GoPro, according to the supplied data, with an average price target of $0.50.
That target represents a decline of approximately 43% from the share price referenced in the analyst comparison.
The August 31 increase followed the disclosure of Fischbach’s stake, while GoPro’s latest reported financial results showed year-over-year declines in revenue and camera sales.