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Is Fitbit Stock a Buy Below $3?

TheMotleyFool

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Fitbit (NYSE: FIT) stock fell below $3 per share today, setting record lows in its four years as a public company. Its market cap is now well under $1 billion, closing at approximately $750 million. The wearables market is booming, with market researcher IDC recently boosting its forecast for 2019. IDC now expects global shipments to reach 222.9 million this year. Investors looking to bet on that boom might consider investing in Fitbit, which is a clear leader in the fitness tracker category.

Here's why Fitbit might not be the best wearables play.

The Versa was a hit. The Versa Lite? Not so much. Image source: Fitbit.

Source Fool.com

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