Fitbit Higher For Fourth Day In A Row

Fitbit Inc FIT shares are trading higher by $0.17 (2.6 percent) at $5.92 in Wednesday's session.

Fitbit's stock, which peaked two months after its IPO (June 2015) at $51.90, made a new all-time low Monday at $5.31. That marked the fourth day in a row the issue has made its low in a narrow range from $5.31 to $5.38.

That has provided the foundation for the current rally, which is attempting to take the stock into the $6.00 handle. Although the low of the move wasn't made until Monday, it has managed to put together a four-day win streak. It added $0.29 on Monday and $0.06 on Tuesday.

In today's session, Fitbit's stock bottomed on its opening print of $5.75 (which matched Tuesday's close) and began to move higher. So far, the ensuing rally has taken the issue to $5.96.

If it can close above $6.00, it will be the first time since March 16, when it ended that session at $6.10.