It looks like Fitbit’s Ionic (review here) is failing to live up to market expectations.
There are various rumours and analyst comments on stock/inventory not being sold in the run up to Christmas. In part, this is what you can see reflected in the recent share price fall of just over 50cents for the last few weeks.
Continued inventory build for the Ionic leaves us more cautious on Q1
Source: Morgan Stanley
Although an analyst rating Fitbit as a rare ‘SELL’ also plays a part. (Source: Stifel Nicolaus)
It is UNLIKELY that the Ionic is a one-play hope for financial redemption for Fitbit ie they WILL have further models planned. However if the Ionic is not selling then, I’m afraid, that would represent a nail in the coffin for the tech company. Sure you can get nails out with a decent claw hammer but it’s not going to be easy in a highly competitive market.
The Ionic needs time to get a fully stocked app store and fully stocked onboard features. It hasn’t got time, at least it hasn’t got MUCH time. It’s appearance is somewhat quirky with a rectangular screen…but I quite liked that…many others don’t like that. Unfortunately for Fitbit, it’s the others that are going to be buying it en-masse rather than me.
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