Market Overview

Fitbit Higher Ahead Of Second-Ever Earnings Report


Fitbit Inc (NYSE: FIT) shares are trading higher by $0.31 at $40.85 in Monday's session. After the close, the company will release its second-ever earnings report since debuting around $30 on June 18.

Following a run-up to $51.90 on August 5, the issue came back to almost its IPO lows, but found support ahead of the all-time low ($29.50), only reaching $30.51 on the day of the Flash Crash. Since making that low, it peaked on September 18 at $42.04. In today's session, it made an attempt to reach that level once again, but was turned back off the open at $41.57.

It should be noted the issue was heavily bought ahead of its first report and made its all-time high and closing high ($51.64), but fell $7 the following day, when the $0.11 EPS beat and revenues failed to impress the Street.

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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