Two things are occurring. One,short sellers covering and two,the anticipation that second Qtr earnings and guidance will be positive.
Someone forgot to tell Adidas.
You better go back and review your tea leaves.Technically,this stock is broken and we need three or four days of gains before we get a positive spin.I do believe that the stock will hit that 14 dollars a share and hopefully stay above that price..maybe build a base.However,14 dollars a share tomorrow is a joke.
Funds will be closing their 2nd Qtr books in two weeks and those holding the stock may sell a portion of their holdings for window dressing purposes.Seen it happen many times in the past.
Stock up 1.5% or more only to drop 1.0% or more the next day..I've sold my shares five times using this
strategy and I'm waiting to buy back the stock.I believe the MGT of Fitbit is to blame for the stock price.
I will continue to use this strategy and continue to get "free" shares.