The rumor mill is up and about once again for GoPro Hero 5 and according to the latest scoop, the camera has been pushed to a later release in 2016.

It was previously rumored that GoPro Hero 5 will be launched this coming October, but new rumors state that the company has decided to move the release date to 2016.

A report from Venture Capital Post stated that the delayed release is due to the fact that GoPro is still making some improvements and adding more features to the rumored action camcorder.

The delay should buy enough time for the company to make the Hero 5 an outstanding action camera by the time it arrives in the market.

GoPro has not confirmed the news on this delayed release and rumors about the device in general. Not much has been revealed in reports, but it has been mentioned that Hero 5 will have waterproof features; sport a smaller frame; and have more superior recording abilities.

Other rumored specs include the capability to shoot 8K videos in full ultra HD, which is a major improvement from the previous GoPro Hero 4, as Master Herald reported.

Furthermore, the same report stated that the action camera can also shoot 4K resolution videos at a rate of 60 frames per second (fps); 1440p at 30 fps; 1080p resolution at 60 fps; and 720p at 100 fps.

Meanwhile, in other related GoPro news, the company's shares could drop down from $35 to $25, according to Reuters citing a report from Barron's.

The drop in shares is due to tough competition in the high resolution cameras, especially those from Apple, which has revamped its iPhone camera to have the capability to record videos with higher resolution.

It remains to be seen if GoPro Hero 5 — if rumors prove to be true — will stand a chance against its competitors.

GoPro officials did not provide a comment regarding Barron's report.