Shares of FitBit shed more than 11 percent on Thursday, after Pacific Crest downgraded the wearable fitness device maker to “underweight” from “neutral.”
The stock saw its worst day since May 5 when it fell 18.83 percent.
Brad Erickson, an analyst for Pacific Crest, said in a note to clients on Wednesday that sales for FitBit’s new flagship product, Charge 2, was off to slow initial sales and recommended investors to sell their shares.
