Stock has risen ~5.5% this year
As shown in the chart below, Fitbit (FIT) stock has risen ~5.5% this year. It fell 75% in 2016 and 22% in 2017. Fitbit has returned 7.3% in the last 12 months, -14% in the last month, and -9.8% in the last five trading days.
Fitbit stock has been volatile this year, rising ~41% from $5.39 on May 30 to $7.59 on June 12 after Fitbit confirmed shipments of over 1 million Versa devices. Fitbit is banking on the Versa to drive sales and help it reclaim the top position in the worldwide wearables market. Fitbit stock closed at $6.02 on July 23. The stock is currently trading 33% above its 52-week low of $4.51 and 23% below its 52-week high of $7.79.
Trade war fears impacting Fitbit
Fitbit stock fell ~7% on July 20 due to the ongoing US-China (FXI) trade war, which has severely impacted tech stocks. Analysts believe tariffs and regulations could drive consumer tech product prices higher, dragging down Fitbit’s and peers’ sales.