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Fitbit's (FIT) stock price has been obliterated over the last few years. It's down almost 90% from its all-time high. The company's dependence on trackers has made Fitbit's business very unstable. It was slow to roll out a viable smartwatch, so when fitness tracker sales started declining, Fitbit's revenue has been in a freefall ever since.
Despite large losses Fitbit has been spending heavily on R&D as it transitions to selling smartwatches and looks to provide subscription-based services to improve health outcomes. Fitbit's Versa smartwatch sold out in the recent quarter, and management indicated tracker