GoPro shares have spent the month of August skiing — straight downhill, that is.

The wearable action camera maker’s shares slid more than 5 percent Wednesday, capping a 34 percent drop since Aug. 3 as worries mount about its holiday prospects.

The wipeout came after Ambarella, which makes the image-processing chips for GoPro cameras, said it expects shipments will be down in the third quarter amid a lack of new product launches.

The comments by Ambarella execs on a quarterly earnings call stoked fears of a broader slowdown in demand for wearable cameras.

GoPro officials didn’t comment Wednesday.

The company could still offset sagging demand for action cameras by growing sales of quadcopters and drones, Raymond James analyst Tavis McCourt said in a research note.

Still, he slashed his 2015 profit forecast to $1.60 a share from $1.73, citing worries about the crucial fourth quarter.

McCourt also cut his price target on GoPro shares by 30 percent to $50.

On Wednesday, GoPro’s stock closed at $41.28, down 5.5 percent, after tumbling as much as 10 percent earlier in the day.

Shares of GoPro, which went public in June 2014 at $24 a share, hit a high of $98.47 last October.