Why Fitbit Stock Tanked More Than 10% Today
Shares of wearable fitness tracker company Fitbit (NYSE: FIT) dropped more than 11% in early Friday trading, before clawing their way back to "only" an 8.5% loss as of 10:40 a.m. EST. You can thank investment banker Stifel Nicolaus for this.
Early this morning, Stifel Nicolaus downgraded Fitbit stock from hold to sell and cast cold water on faint hopes that the company can turn profitable again.
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Source: Fool.com