pipstrading

Where is Fitbit heading towards? $20 is a critical level

NYSE:FIT   FITBIT INC
137 6 6
Fitbit has significant drop from the peak.

is it coz it is not a good company or is it coz it was not IPO             at the right time?

Two downward trendline formed. $20 should be a critical level to watch.

Either rally to $27 / $36 level or drain down all the way to $7. what do you think? is this another GoPro?

DrFrog PRO
7 months ago
IPO was much like PE (PrivEq) is my current thesis + CEO is a first timer/founder/introvert with high ethics/morals... is honest with good goals for shareholders (Not have a bad qtr, which he's delivered EVERY ER so far!). They IPO'd at the right time? Why? They knew the money was cheap at these interest rates, they knew they were ready for the next expansion and needed the public markets.. so they forced PE-style earnings inflation followed by IPO S-1 Filing... then after they rolled up from there SPO was a nice chance to ensure they were solid to expansion into R&D & world markets/ad spend. It's beautiful. This is my favorite stock. This is basically the only one I follow, I trade my position daily and am always back in 100% overnight.

This ER Will be no different. This one is performant.
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pipstrading DrFrog
7 months ago
thanks for sharing your detailed view. my comment on whether it was not a right time to IPO purely based on macro view for the world equity market. havent done any detailed FA on this company yet. thanks for the good info.
+1 Reply
DrFrog PRO
7 months ago
Like the broken support line you've drawn here, I'll add that to my chart! Thanks!
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pipstrading DrFrog
7 months ago
you're most welcome. interesting to see such trendlines
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DrFrog PRO
7 months ago
NOT another GPRO. GPRO is NOT something people need/commonly use or generally has such a positive story/message. (Camera? who needs or normally wears these? lol THAT was a fad)
FIT = watch (normal) + fitness that saves them money (insurance) & improves their health (or at least tracks it for their Physicians/Family/Self).
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pipstrading DrFrog
7 months ago
good point. Fitbit is in the industry with larger customer base...but just looking at the stock price itself. quite similar pattern.
Anyway, the common potential issues they are facing, may be the competition. Apple should be a direct competitor to Fitibit in terms of wearable healthy device.
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