GoPro has defied logic once again. Most investors and traders were worried that the stock would sink on Dec.23, when the post-IPO lockup on some of its shares expired. But shares of the action camera maker jumped 6.10% to $61.54 on Tuesday. Post-IPO lockup expiration is closely watched by investors and analysts because suddenly a large number of new shares become available for sale.

GoPro Inc Stock Jumps Despite Lockup Expiration

All eyes on Feb.17 lockup expiration

On Tuesday, 15.2 million GoPro shares were unlocked. Of that, 7.2 million shares or 6% of the total stock are owned by CEO Nick Woodman’s father. Now about 36.6 million shares are available for trade. The San Mateo-based company had floated 17.2 million shares during its June IPO. Last month, some company insiders, including CEO Nick Woodman, agreed to sell part of their stake in a secondary offering.

Investors who participated in the secondary offering had to agree to a new lockup period. It restricted them from selling their shares for another 90 days. So, their shares will get unlocked on February 17. GoPro revealed in its SEC filing that about 76.1 million shares are set to become eligible for sale on Feb.17. GoPro is one of the best performing IPOs of the 2014. Its stock has rallied more than 150% since debut in June.

GoPro cameras have become a gift of choice

It’s still unclear whether Nick Woodman’s father Dean participated in the sale Tuesday. Among top sellers, The Vanguard Group offloaded 851,870 shares, while Lord Abbett’s Developing Growth Fund sold 666,835 shares. According to MarketWatch, BlackRock Fund Advisors was also among the major sellers. With this lockup expiration, the public float of GoPro shares has almost doubled.

Wedbush Securities analyst Michael Pachter issued a bullish report on the stock on Monday. The research firm’s surveys suggest that the demand for GoPro’s action cameras is robust in the holiday season. Wedbush has an Outperform rating on the stock with $98 price objective. The San Mateo-based company’s cameras have become a gift of choice this holiday season.

GoPro shares inched up 2.34% to $62.98 in pre-market trading Wednesday.