Fitbit Stock Shocks Wall Street

Short interest has also seen a massive rise

Managing Editor
Feb 21, 2020 at 12:25 PM
facebook twitter linkedin


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.

Make the Most of the next Expiration Week Countdown!


 




 
Special Offers from Schaeffer's Trading Partners