Fitbit Stock Shocks Wall Street

Short interest has also seen a massive rise

Emma Duncan

Managing Editor

Feb 21, 2020 at 12:25 PM

Athletic smartwatch maker Fitbit Inc (NYSE:FIT) is down 0.5% this afternoon, last seen near $6.40, after the company reported a surprise fourth-quarter loss. Fitbit sold six million devices in the quarter, but international revenue fell by 7%. Analysts have yet to chime in on the disappointment, but heading into today, all seven carried a "hold" recommendation.

FIT has been holding steady on the charts, just above the $6.30 mark since seeing a huge Nov. 1 bull gap that lead to a multi-year peak of $7.26. The stock has added 111% over the past six months alone, persisting despite recent pressure at the 50-day moving average.

FIT with 50MA

Short interest on Fitbit stock has surged 13.6% during the past two reporting periods, and now accounts for a whopping 35.6% of the equity's total available float. At FIT's average pace of daily trading, it would take shorts 10 days to buy back their bearish bets.

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