Still have that GoPro you bought a couple years ago? I'm guessing you do, and so are a lot of investors, which is one reason why the GoPro stock price has been dropping drastically as of late.

After seeing a stock price of nearly $70 a share in October 2014, the GoPro stock price has fallen to around $20 a share. This huge stock plummet has worried investors.

GoPro seems doomed.

Andrew Left, a financial analysts at Citron research, told CNBC that the GoPro "is a niche product [that]...will become less and less popular with every life cycle of product. How many parents have bought their child a GoPro only to see it sit in the top drawer?"

People seem less interested in upgrading from their original GoPro camera to a newer version. The new specs and flashy advertisements seem to be converting in fewer sales and purchases. Why, you ask? Well, for a few reasons.

GoPro Tech and Price Comparison

The new specs don't seem to overly outshine previous models at their price.

For one, the GoPro HERO4 Black, which is over $200 more than the HERO4 Session, boasts that it can capture video in 4k resolution with added frame rate(s). Sounds excellent, right?

The truth is, most of us don't need 4k resolution when capturing or viewing video. Unless you have a projector or TV that approaches 100 inches, 4k resolution is unnoticeable.

When comparing cameras [Broken URL Removed], you can see that the HERO4 Black can capture video at 30fps with 4k resolution, and 120fps at 1080p resolution. The HERO4 Session, for example, can capture 60 fps at 1080p and does not offer 4k resolution video recording.

The added frame rate(s) for the HERO4 Black is ideal, but is it necessary?

You can view the HERO4 session product video...

and compare it with the HERO4 Black video:

You'll notice that the two videos are very similar (especially when viewed on YouTube, which is optimally shown at 60fps).

While the HERO4 Black tech specs are much better than previous models, is it really necessary for your videos?

Probably not, unless you're producing professional video.

Reselling your GoPro

Another major factor that has brought down the GoPro stock price is GoPro's resale value, which is quite nice for buyers and sellers.

You'll notice that when searching for the camera on Ebay or Amazon it's easy to find what you need at a price you can afford. This is great for consumers, but horrible for GoPro, as they largely rely on new sales to beef up their stock price.

According to BusinessFinanceNews, the camera is the best reseller on Amazon and Best Buy. This is mainly because the product remains a great camera even after wear and tear, which is quite normal for GoPro users.

What about the Competition?

There's also the problem of better competition for GoPro.

It seems that many people are purchasing other similar GoPro-esque cameras to fit their needs. While it seems that the competition hasn't quite reached the GoPro level, it's quite possible that in another year they will get there.

The video below shows a few action cameras that have hit the market just recently and have been challenging GoPro. Some of the cameras seem like a worthy purchase, and others, like the Drift Ghost S, are just flat and not worth your purchase.

But, the competition is heating up and it will be a matter of time before a better camera is offered.

My opinion on buying a new GoPro

I'm not saying that GoPro isn't a great product, as you can capture all kinds of sport or non-action video, but buying a new GoPro probably isn't necessary.

The updated specs on the HERO4 Black, for example, are great, but probably not at it's price point. A later model can still capture video that will impress your friends.

You can also easily purchase or resell your used GoPro for a good price, which has brought down the need to purchase a new camera. Why go out and buy a new GoPro, when you can purchase a used one for cheaper?

The competition also seems to be growing and gaining momentum, which is great for the market but bad news for the company.

There are just too many reasons not to purchase a new action camera from GoPro.

What do you think? Have you purchased a new GoPro or do you intend on getting one? Does the competition seem worthy of your purchase? Tell us in the comments below...

Image Credits:drowning in quicksand by Anneka via Shutterstock