Shares of GoPro (GPRO) - Get Report  were rising nearly 12% Friday after the camera maker announced that hedge fund Prentice Capital increased its stake in the company.

Prentice Capital now holds 12,467,119 shares, equivalent to about 9.96% of the company 's outstanding shares. A previous filing indicated that Prentice Capital held a 6.5% stake.

The San Mateo, California-based company also announced that it has begun fulfilling pre-orders of its HERO8 Black camera ahead of its previously announced shipping date of Oct. 15. 

"We are excited to get HERO8 Black into the hands of our customers ahead of our expectations," said CEO Nick Woodman.

The stock rose 11.98% to $3.79 in trading Friday; it has declined almost 11% year to date.