On Tuesday shares of GoPro (GPRO) - Get Report rose 4.86% after news broke that the company had signed a partnership agreement with Red Bull.

But the partnership is to unlikely help GoPro or investors, who irrationally bought shares. At best, it may result in a few more extreme sports stars -- Red Bull-sponsored athletes -- using the company's wearable cameras. But that's unlikely to generate wider growth.

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This comes as GoPro looks to rebound after dropping nearly 90% of its share price over the past 20 months. It reached a high of almost $88 a share in late 2014 but the stock closed Tuesday at just under $10. Critics have suggested that GoPro's cameras were part of a fad and that the company's products would not generate long-term demand.

Red Bull's recent high-profile agreements with such companies as Alphabet, Twitter and Microsoft have not given GoPro the boost it was seeking. The company's major problem seems to be that it has reached a saturation point with the recreational, extreme athlete.

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The partnership makes more sense for Red Bull, which heavily markets its energy drink to extreme sports enthusiasts. It will be able to use GoPro clips and cameras for its marketing. Red Bull is the number one energy drink in sales ahead of Monster Beverage.

In January, GoPro signed a video partnership with Alphabet's YouTube, renewed a partnership deal with the NHL, and inked a live-streaming deal with Periscope, a company owned by Twitter. In recent months, it has also signed deals withMicrosoft, the PGA, and the Grammy's.

But the stock has continued to slump.

In 2014, the company signed deals with BMW, Mini, and Toyota. But these deals did not involve the rights to insert GoPros as backup cameras, which would have made the most sense for a camera company.

In the Toyota deal, GoPro mounts were installed in trucks. GoPro was hoping that truck owners would then install a camera on the dash since the truck already had the mount. For BMW and Mini, GoPro supplied technology to allow vehicle owners to connect backup camera to their iPhones.

Instead of buying more GoPro, investors should be looking to short the stock. GoPro has serious issues that none of the above partnerships are going to solve.

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This article is commentary by an independent contributor. At the time of publication, the author held positions in Alphabet, Microsoft and Twitter.