GoPro Shares Still Up, But Fall From Highs Following Citron Tweet

Shares of GoPro Inc (NASDAQ: GPRO) were trading higher by more 3 percent Friday at an intra-day high of $69.50, but reversed course following a bearish tweet by Citron Research.

Shares recently traded at $67.91, up 2.3 percent on the day.

$GPRO Hero IS available at http://t.co/zYb4ZnTCRr best http://t.co/QC09Yi3BgV and http://t.co/rtOZ3NZagg So much for that theory. reit $30

— Citron Research (@CitronResearch) December 26, 2014

The tweet contradicts a report by Michael Pachter of Wedbush who stated this week that GoPro devices were a "gift of choice" and were sold out on Amazon.com, GoPro.com, Target.com and Walmart.com, but not at BestBuy.com.

Pachter also stated at the time that checks across 32 Best Buy stores across the United States showed that 30 of the stores were sold out of Hero cameras. The analyst also found that 26 out of 27 Target stores and 20 out of 27 Wal-Mart stores were sold out of Hero cameras.

Citron Research reiterated a $30 price target in its tweet, likely implying that the theory that GoPro cameras are difficult to obtain may not be accurate.