Fitbit Stock Has a Lot to Prove on Wednesday

Fitbit Stock Has a Lot to Prove on Wednesday

Fitbit (NYSE: FIT) is losing some of this late summer's bullish momentum, and it will take a strong quarterly report on Wednesday afternoon to get back on Mr. Market's good side. The wearable fitness leader was in the doghouse until bouncing back with back-to-back months of double-digit percentage gains in August and September. We're now eyeing a double-digit decline in October, a problematic trend heading into this week's third-quarter results. 

Analysts aren't holding out for much. They see revenue sliding 22% to $391.8 million. Wall Street pros are also expecting a loss of $0.04 a share, reversing a healthy profit a year earlier. Fitbit has beaten analyst profit targets by at least $0.04 a share in its two previous quarters, but even if it's able to merely break even, it's likely still to produce a sharp drop on the top line. 

Image source: Fitbit.

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Source: Fool.com