Shares of GoPro Inc (NASDAQ:GPRO) rallied 3% on Tuesday after the action camera maker introduced a trade-up program for the first time ever. According to the program, existing GoPro owners can receive $100 off a new HERO5 Black, or $50 off a HERO5 Session when they trade-in any previous-generation GoPro HERO camera for a limited time beginning April 11. GoPro Inc (NASDAQ:GPRO) bulls hope that the trade-up program will stimulate demand for the two products, and help GoPro increase its overall demand. Shares of the company have been under pressure due to slowing growth and disappointing earnings reports. All-in-all GPRO stock is close to flat year-to-date, after falling sharply from its highs in 2014 and 2015.
What Does The Smart Money Sentiment Say?
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According to our data, not many elite funds owned GoPro at the end of Q4. Of the 742 top funds we track, 14 had a bullish position in GoPro Inc (NASDAQ:GPRO) at the end of December, down 6 funds from the previous quarter.
The Bottom Line
GoPro Inc (NASDAQ:GPRO) shares have rallied on Tuesday due to the announcement of a trade-up program that could potentially stimulate demand. For more reading, check out ‘10 Best Camera Drones Under $100‘.