After roughly 15 million new shares became eligible for sale on Tuesday, a total 13.41 million shares changed hands by the market close, higher than the 30-day average trading volume of 7.51 million shares. Since Monday, the stock has gained more than 18%.
Founder Nick Woodman's father, Dean Woodman, owns about 7.4 million shares valued at roughly $414 million from an initial investment of $200,000.
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Separately, analysts at Wedbush expect GoPro to exceed the high-end of its $550 million to $580 million revenue guidance for the fourth quarter.
The firm maintained its "outperform" rating with a $98 price target.