Fitbit Drops as Secondary Lockup Ends, Confidence Fades
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Fitbit Inc., the maker of wearable health-tracking devices, dropped to its lowest value on the first day investors and insiders could sell their shares from a secondary offering, signaling waning confidence in the company.
The San Francisco-based company’s lockup for its Nov. 13 share sale expired on Thursday. The stock fell 6.1 percent to $13.78 at the close in New York, its lowest price since Fitbit sold shares at $20 each in its initial public offering last June. The company has lost more than half its value this year.