FIT has surged 111% over the past six months
Athletic smartwatch maker Fitbit Inc (NYSE:FIT) is down 0.5% this afternoon, last seen near $6.40, after the company reported a surprise fourth-quarter loss. Fitbit sold six million devices in the quarter, but international revenue fell by 7%. Analysts have yet to chime in on the disappointment, but heading into today, all seven carried a "hold" recommendation.
FIT has been holding steady on the charts, just above the $6.30 mark since seeing a huge Nov. 1 bull gap that lead to a multi-year peak of $7.26. The stock has added 111% over the past six months alone, persisting despite recent pressure at the 50-day moving average.
Short interest on Fitbit stock has surged 13.6% during the past two reporting periods, and now accounts for a whopping 35.6% of the equity's total available float. At FIT's average pace of daily trading, it would take shorts 10 days to buy back their bearish bets.