The biggest takeaway from the Apple event this week were the medical features on the Series 4 watches.
Fitbit has plenty of work in the process on FDA clearance for medical monitoring functions.
The stock dip back below $5.50 provides enormous value for a stock with an EV below $1 billion.
At theApple(AAPL) event on September 12, the tech giant unveiled the new Watch Series 4 along several new iPhones. In response,Fitbit(FIT) dipped nearly 7% to the $5.50 range providing the long awaited opportunity to buy fear induced weakness on the smartwatch and fitness tracker stock. The catalyst to the story is that Apple ushered in the era of the smartwatch as a med-tech device that will ultimately boost the struggling Fitbit.