GoPro Inc.'s stock surged 5.4% in active trade Friday, to bounce sharply off a record close in the previous session. Volume of 17.7 million shares was nearly 50% more than the 30-day average, according to FactSet. Prior to Friday's rally, the stock had tumbled 56% in two months, and 71% since closing at its record high of $93.85 a year ago. On Thursday, the stock closed at $27.60, the lowest price since it went public on June 26, 2014 at an IPO price of $24, after Morgan Stanley slashed its price target, citing weak demand for the Hero4 Session camera. The stock's rally on Friday might be a sign that investors have gotten a little too bearish on GoPro, as the latest data shows that short interest has more than doubled in a month to a record high for the stock.
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