Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened? On this day in 2015, Fitbit went public.
Where The Market Was: The Dow closed at 18,115.84. The S&P 500 traded at around 2,121.24.
What Else Was Going On In The World? An all-white painting by Robert Ryman called “Untitled” sold for roughly $15 million. "Uptown Funk" by Mark Ronson with Bruno Mars was a huge hit on the pop charts.
Wearables Hit Wall Street: Wearable fitness tracking company Fitbit held its IPO in June 2015, pricing its shares at $20. The stock initially hit the ground running on the NYSE, trading higher by about 50% to above $30 on its first morning of trading. However, the reality of an intensely competitive market soon set in for investors.
By early 2016, Fitbit stock had dropped below its IPO price, but the selling didn’t stop there. Fitbit spent most of 2017 under $7, dipping as low as $4.90 in June, more than 75% below its IPO price.
Fitbit hit its all-time low of $2.81 in 2019 before news of a buyout by Alphabet, Inc. GOOG sent the stock back up near its proposed $7.35 buyout price. The buyout was completed in January 2021.
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