Why Does Fitbit Want To Dump Shares Below $40?
- Fitbit registered a secondary offering of nearly 10% of the outstanding shares.
- The strong Q4 guidance apparently wasn't enough to entice insiders to delay share sales.
- Without a major balance sheet need, Fitbit is cashing in on what the company sees as an inflated stock price.
After the market close, Fitbit (NYSE:FIT) surprised the market with the revelation of an extremely large secondary offering. The fitness device maker produced exceptional Q3 results and has a solid balance sheet, raising questions on the reason for dumping so many shares by the company and selling shareholders.
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