This Day In Market History: The Fitbit IPO
Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened?
On this day four years ago, Fitbit Inc (NYSE: FIT) went public.
Where The Market Was
The Dow closed at 18,115.84. The S&P 500 traded at around 2,121.24. Today, the Dow is trading at 26,112 and the S&P 500 is trading at 2,889.
What Else Was Going On In The World?
An all-white painting by Robert Ryman called “Untitled” sold for roughly $15 million. "Uptown Funk" by Mark Ronson with Bruno Mars was a huge hit on the pop charts.
Wearables Hit Wall Street
Wearable fitness tracking company Fitbit held its IPO in June 2015, pricing its shares at $20. The stock initially hit the ground running on the NYSE, trading higher by about 50 percent to above $30 on its first morning of trading. However, the reality of an intensely competitive market soon set in for investors.
By early 2016, Fitbit stock had dropped below its IPO price, but the selling didn’t stop there. Fitbit spent most of 2017 under $7, dipping as low as $4.90 in June, more than 75 percent its IPO price.
The stock trades around $4.54 per share as of June 18, 2019.
Related Links:
This Day In Market History: Pandora Goes Public
Left Goes Long Fitbit, Sees 130% Upside
See more from Benzinga
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
