Fitbit shares are getting wrecked on Friday, with shares down by as much as 11% in early trading.
In a regulatory filing on Friday, the company put up more shares for sale — three million shares of common stock to be exact. That’s down from the seven million it had initially proposed to sell.
But the shares were priced at $US29, which was lower than Thursday’s closing price of $US31.68 per share.
When Fitbit first went public in June, shares were priced at $US20.
After Fitbit announced last week with its third-quarter earnings results that it was selling more shares, the stock also declined.
The stock has now fallen about 5% from its IPO price.
Here’s a chart showing the slide in shares on Friday:
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