Shares of GoPro Inc. rocketed nearly 11% in afternoon trade Monday, sending the stock to a seven-month high. The stock has been on a tear in recent months in anticipation of a number of product launches expected to hit ahead of the holidays, such as the Karma drone and Hero 5 camera. Its shares have risen 78% in the past three months, vastly outperforming the S&P 500 , which is up 7% over that time period. They're still off roughly 73% in the past 12 months though. Some of GoPro's rally could be related to a short squeeze, which occurs when short sellers cover their positions. Short interest in GoPro rose to 30.8 million shares through the beginning of August, an increase from 27 million through the beginning of July, and more than tripled what it was a year ago, according to FactSet. Shares of GoPro supplier Ambarella Inc. also rallied on Monday, rising roughly 4%.
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