Shares of hit record lows Monday after a second major downgrade on concerns the action camera maker has reached the limits of its market.
The stock fell nearly 8 percent, hovering slightly above $8 a share, after Goldman Sachs downgraded the company to sell from neutral, and lowered its price target to $6 from $9.50.
"GoPro faces significant challenges following saturation of its core action cameras market, product rollout issues in the holiday season, and a disappointing entry into the drone market," analyst Simona Jankowski wrote in a note to clients Monday.
Jankowski said he anticipates negative cash flow through 2017, which could "prompt [GoPro] to tap its credit facility."
Last Friday, Citi Research initiated coverage on GoPro with a sell rating, saying the technology company will continue to lose money the next two years and disappoint investors.
With Monday's losses, the stock has fallen more than 40 percent over the past six months, compared to the S&P 500's more than 8-percent gain.
GoPro went public in June 2014 at $24 a share, and the stock peaked late that year above $98 a share.
GoPro 6-month performance
Source: FactSet
— CNBC's Tae Kim contributed to this report.