GoPro Inc. (NASDAQ: GPRO) shares popped on Wednesday after the firm announced strong sales results over the Thanksgiving weekend and Cyber Monday. While GoPro stock has been on a steady decline for years now, this could be a jumping-off point for the shares.

The company reported year-over-year sell-through growth of 30% based on data from its larger U.S. retail partners and 20% based on data from its European retail partners during the Black Friday week.

Additionally, GoPro.com achieved more than 120% year-over-year growth in total camera unit sales during the entire Black Friday/Cyber Monday period, where HERO8 Black sold at record levels, comprising more than 90% of total sales.

Nick Woodman, founder and CEO of GoPro, commented:

We planned for a big Black Friday and Cyber Monday, and according to the sell-through data from our large U.S. and European retail partners as well as our results on GoPro.com, we crushed it. We’re very happy with how each of our products are selling-through so far this holiday. We believe the surge in demand we’re seeing positions us well for full year profitability in 2019 and continued revenue and earnings growth in 2020.

Keep in mind that GoPro’s short interest comes in at 26.34 million, about 22% of its total float, as of the most recent settlement date. So while there are many cheering these record sales, there are also many betting against this camera company.

Excluding Wednesday’s move, GoPro shares had underperformed the broad markets, with the stock down about 9% year to date. In the past 52 weeks, the stock was down closer to 24%.

Shares of GoPro traded up about 3% on Wednesday to $3.98, in a 52-week range of $3.25 to $7.64. The consensus price target is $5.45.

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