Fitbit shares fell more than 6% in morning trading on Wednesday.
This is the biggest one-day drop for the maker of fitness trackers which has been on the market for less than one week.
Last Thursday, Fitbit surged up to 52% at its public debut, from the initial public offering price of $US20 per share.
The stock has gone as high as $US40, and on Wednesday was trading near $US35 per share.
The stock is up nearly 15% from its opening price of $US30.40.
The Wall Street Journal’s Corrie Driebusch points out that this is unusual — and impressive — for a company that made a splash this big at its public debut.
Driebusch wrote, “since 2010, of the 32 newly-listed companies that raised at least $US200 million in their IPOs and popped at least 40% on their first day of trading, less than half — 13, to be exact — remained above their first-day close by the end of their first week of trading.”
Here’s a chart showing how the stock has traded so far: