Fitbit Falls to Lowest Ever After Forecasts Miss Estimates
- Wider introduction for Blaze, Alta will raise expenses
- Company says new products will help maintain market lead
An employee holds Fitbit Inc. Surge smartwatches during the IFA International Consumer Electronics Show in Berlin, on Sept. 4, 2015.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Fitbit Inc. tumbled to the lowest level since its initial public offering after forecasts missed estimates and analysts downgraded the stock.
The shares dropped 21 percent to $13.08 at the close of trading in New York on Tuesday, bringing the loss for this year to 56 percent. Stifel Nicolaus & Co, Pacific Crest Securities, Robert Baird & Co., and Piper Jaffray & Co. cut their ratings on the stock.