A Timeline Of Fitbit's 56% Fall In 2016
Shares of Fitbit Inc (NYSE: FIT) are down 55.8 percent in the first two months of 2016, while the S&P 500 is down 6 percent. The stock closed Tuesday at $13.08 after opening the year trading around $30 per share.
Here's a timeline examining the catalysts driving the selloff.
- January 5: Blaze product launched at CES; shares sell off. Analysts speculate high-priced product cannot compete with Apple Inc. (NASDAQ: AAPL)'s Apple Watch.
- Class action lawsuit filed alleging Fitbit's Charge HR and Surge do not accurately track heart rate. Shares down 17.9 percent year-to-date as of the day's close.
Related Link: What Does Wall Street Think Of Fitbit Now?
- January 6: SunTrust reiterates Buy rating and $48 price target, says pullback creates buying opportunity. Shares down 22.6 percent YTD.
- January 13: Shares selloff following a significant guidance cut by GoPro Inc (NASDAQ: GPRO). Shares down 32.9 percent YTD.
- January 19: SunTrust reiterates Buy, but 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 and $35 price target. Shares down 45.8 percent YTD.
- February 2: Oppenheimer initiates coverage at Outperform. Shares down 45.6 percent YTD.
- February 10: Marc Benioff, Salesforce.com, inc. (NYSE: CRM) 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 of $0.35 vs. $0.25 estimates, Sales $711.6 million vs. $647.8 million estimates. Sees Q1 EPS $0.00-$0.02 vs. $0.24 estimates, Sales $420-$440 million vs. $484.6 million estimates. Shares down 44.2 percent YTD (before after-hours earnings).
- February 23: Several analysts downgrade the stock. Shares down 55.8 percent YTD.
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