After GoPro stock hit a new all-time high on Tuesday, one analyst said that there was little reason to expect the momentum to continue.

GoPro stock traded as a high as $98.47, more than 300 percent from its IPO price of $24 per share, before closing at $93.85, up just 0.06 percent.

"People will talk about the media opportunity. I think that is real. It's not real in the numbers today, so that does make it difficult for a lot of people," Charlie Anderson, senior research analyst at Dougherty & Company, said on CNBC's "Fast Money."

Anderson said that normal valuation for a consumer-electronics company's share was around two or three times annual sales.

"We're up around 10 times," he said. "I can just tell you that today's business and next year's business are going to be primarily consumer electronics, and we're pretty far from that multiple right now."

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A better way to play the move in GoPro was to buy shares of Ambarella, a developer of high-definition video processing microchips.

Anderson has a "neutral" rating on GoPro and a "buy" rating on Ambarella, with a price target of $45 per share.

Private Advisor Group's Guy Adami noted the big reversal in GoPro stock and said it might be a good time to sell.

"I never thought it would go above $90," he said. "With that said, I think if you've been in it, pull the ripcord. I think you've enjoyed a huge move. There's nothing wrong with taking money off the table."

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"I think you're here in nosebleed territory here."

Triogem Asset Management's Tim Seymour sounded a similar note.

"I was very much a disbeliever in the last $30 of move in the stock. What's important to note is the media opportunity is a couple of years away," he said, adding that he would sell. "You're seeing rotation to higher-value and lower-risk stocks. That's the theme of the last three weeks, and it's not going to include GoPro."