The Ratings Game: Fitbit stock heads for worst day since 2016 after slashed outlook prompts ‘big concerns’ [MarketWatch]
FITBIT INC (FIT)
NASDAQ:AMEX Investor Relations:
investor.fitbit.com/overview/default.aspx
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Source: MarketWatch
Fitbit stock heads for worst day since 2016 after slashed outlook prompts ‘big concerns’ Fitbit Inc. shares are plunging in Thursday trading after the wearables pioneer slashed its third-quarter and full-year forecasts, reflecting a disappointing showing for the lower-priced Versa Lite smartwatch, which launched earlier in the year. Read: Fitbit launches cheaper Versa smartwatch, tracker for kids as young as 6 to broaden appeal Chief Executive James Park said that the company misjudged consumer attitudes on smartwatch pricing with the Versa Lite introduction as he now realizes that customers either want more expensive devices with additional features or they want promotional pricing. The stock FIT, -19.05% is down 20% in morning trading and on track to post its worst single-day drop since Nov. 3, 2016, when it fell 34%. Citi Research analyst Jim Suva wrote that he has “big concerns” about Fitbit’s future, while maintaining a sell rating on the stock and cutting his price target to
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