Recapping Fitbit's -55.8 Percent 2016

Shares of Fitbit FIT are down 55.8 percent in the first two months of 2016 while the S&P 500 is down six percent. This article examines catalysts driving the sell off

January 6: SunTrust reiterates buy rating, $48 price target, says pull back creates buying opportunity.
Shares down 22.6 percent YTD.

January 13: Shares sell off following a significant guidance cut by GoPro.
Shares down 32.9 percent YTD.

January 19: SunTrust reiterates Buy, lowers price target from $48 to $30.
Shares down 40.3 percent YTD.

January 21: Raymond James upgrades from Market Perform to Outperform.
Shares down 38.5 percent YTD.

January 27: Citigroup initiates coverage with a Buy rating and $35 price target.
Shares down 45.8 percent YTD.

February 2: Oppenheimer initiates coverage with an Outperform rating.
Shares down 45.6 percent YTD.

February 10: Marc Benioff, Salesforce.com founder, reports 5.3 percent stake.
Shares down 50.4 percent YTD.

February 17: SunTrust maintains buy, lowers price target from $30 to $25.
Shares down 46.3 percent YTD.

February 22: Reports Q4 EPS $0.35 vs $0.25 est, Sales $711.6M vs $647.8M est
Sees Q1 EPS $0.00-$0.02 vs $0.24 est, Sales $420M-$440M vs $484.6M est
Sees FY16 EPS $1.08-$1.20 vs $1.14 est, Sales $2.4B-$2.5B vs $2.4B est
Shares down 44.2 percent YTD (before after hours earnings).

February 23: Several analysts downgrade the stock.

Shares down 55.8 percent YTD.