Last year, GoPro mishandled the release of its HERO Session camera, which was billed as its smallest, lightest and most convenient product. The camera didn't sell well, and GoPro ultimately had to slash the price by $200.
It also has broader challenges. Critics complain that it's still too tough to edit and share content. In trying to rectify the problem, GoPro earlier this year bought two mobile video editing software companies.
At this point, GoPro doesn't have many allies left: 30 percent of the company's stock is currently sold short. Only 28 percent of analysts have a buy rating on the company, according to FactSet.
Michael Pachter of Webush is a bull on GoPro, though a cautious one, with a $13 price target. Given the company's history of innovation, Pachter says he is willing to give GoPro the benefit of the doubt.
The stock was trading at $11.16 a share on Thursday, down about 2 percent.
Specifically, he is optimistic about GoPro's upcoming drone, where he estimates sales of up to 200,000 each quarter, making the company's full year guidance achievable.
"The drone market is crowded but, if you own a GoPro camera, then you probably prefer a drone built for that camera," Pachter tells CNBC.