GoPro (GPRO) Stock Continues to Decline Today on Low Pricing of Secondary Offering

NEW YORK (TheStreet) -- Shares of GoPro Inc (GPRO) continue to plunge, down 9.14% to $71.86 today, after falling 6% yesterday following the wearable camera maker's discounted pricing of the secondary share sale by the company.

GoPro announced yesterday it will be selling approximately 10.4 million shares to the public at a price of $75 a piece, which is about a 15% discount from Wednesday's high price, valuing the offering at $777 million.

Out of the total number of shares, 1.29 million shares are being sold by GoPro while the rest are being divested by insiders.

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CEO Nicholas Woodman's Woodman Family Trust, will sell 4.1 million shares of their 45 million share stake in the company as part of the offering.

Last month, GoPro stock lost around 14% on news that Woodman donated $500 million worth of shares to charity.

GPRO Chart GPRO data by YCharts

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