What happened After spiking early Friday on the back of its first-quarter 2021 earnings, shares of GoPro (NASDAQ: GPRO) gave back most of their gains on the day. Double-digit gains pared down to a 3.4% increase on Friday. Today, investors continued to sell the action-camera maker's shares. As of 12:30 p.m. EDT on Monday, GoPro shares were down almost 10%. So what The sharp short-term reversal makes more sense when looked at in a broader context. Shares of GoPro soared more than 50% in the month of March. The outsize move wasn't due to developments at the company, but likely rather because it was a favorite with the retail trading crowd associated with Reddit's WallStreetBets forum. There was actual positive news from the company's first-quarter results last week, but shares are already up almost 20% year to date even including today's drop. Image source: GoPro. Now what GoPro has been working to turn its business around and focus on growing its subscription service. In its first-quarter report, the company said its revenue grew 71% year over year, and that its subscription service grew revenue 224% to represent 40% of total sales. GoPro also told investors it surpassed 1 million subscribers in April. But the company still reported a net loss of $10 million for the first quarter. Since GoPro hasn't reported a profitable year since 2015, investors are likely going to remain in wait-and-see mode for the most part until the business truly turns the corner. That's especially the case with the stock seeing the gains it already has this year. 10 stocks we like better than GoProWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and GoPro wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source