GoPro's Stock Soars On Heavy Volume; Short Interest At a 5-month High

Shares of GoPro Inc. shot up 12% in active afternoon trade Monday, putting them on track to close at a 2 1/2-month high. Volume climbed to 9.8 million shares, or nearly double the full-day average, with 90 minutes still left in the session. The action camera maker hasn't issued any press releases since Friday's close; a spokesperson wasn't immediately available for comment. The stock has run up 40% since it closed at an all-time low of $8.80 on May 18, 2016. Short interest, or bearish bets made on the stock, is at a five-month high of 26.9 million shares. Many market watchers believe a high level of short interest is bullish for a stock, since good news, or even a lack of bad news, could prompt those who are short to buy the stock to cover their bearish bets. Meanwhile, the stock was still down 32% year to date, while the S&P 500 has gained 4.8%. GoPro is scheduled to report second-quarter results on July 28; the company has reported wider-than-expected losses the past four quarters.