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."