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4 ways to play GoPro

The allure of the GoPro brand made its cameras the "go-to" present this holiday season, said "Fast Money" trader Steve Grasso.

"Kids love this. And it's not just kids—college kids, kids in the business world, big kids like me," Grasso said.

But investors need to take into account not only the massive appeal of GoPro's hardware but also the company's financial model. Wednesday's "Fast Money" panel took a variety of views on how to play the wildly popular technology company.

GoPro shares fell nearly 4 percent on Wednesday to about $62. The popularity of GoPro's products hasn't stopped the stock from suffering a rough patch in the last month.

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Though competitors can't match GoPro's "cool," it isn't Grasso's top pick. He chose Garmin stock over GoPro.

"You should be selling this because it's too easy to compete against them," Grasso said.

Trader Tim Seymour also wouldn't jump into GoPro. He believes the company's growth, which is expected to slow in the coming years, makes it one to stay away from "unless they become this massive media channel."

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But trader Brian Kelly likes the stock "in the longer run." He believes a headwind could take place if people start to sell, but in the long-term "it's going much higher."