A Fitting Drop For Fitbit
As predicted, Fitbit dropped after the stock reached $50 despite strong Q2 earnings. The company is building a strong network that compels customers to remain in the ecosystem. The valuation proposition remains unappealing even after the recent to drop to $42. As predicted after the IPO, Fitbit (NYSE: FIT ) it a wall when the stock surged above $50 prior to the Q2 earnings report . At that price, the stock had a valuation in excess of $12 billion based on 248 million shares outstanding making it difficult for investors to see positive gains. Please read the full article at Seeking Alpha. Disclosure: No positions mentioned. Please review the disclaimer page for more details.