These 11 Stocks Could Drop 70%

Fitbit Inc FIT's stock plummeted more than 30 percent on Thursday and hit a new 52-week low of $8.37 after the company released its third quarter earnings results and poor guidance. The stock has now lost around 70 percent since the start of 2016.

GoPro Inc GPRO's stock isn't lower by 70 percent since the start of 2016 but is lower by more than 65 percent since its initial public offering and is indeed lower by more than 70 percent after peaking north of $80 per share in 2014.

After Thursday's market close, shares of GoPro fell around 20 percent after the company reported another quarterly loss, characterized by a 40 percent decline in revenue year-over-year.

Who Is Next?

Trip Chowdhry of Global Equities Research commented in a research report in early October that both Fitbit and GoPro, among many others, are part of a group of "junk" IPOs with a business model that is not durable nor sustainable.

On Friday, the analyst followed up with a list of stocks he believes will follow Fitbit and GoPro's fate and plunge over the next six to eight months.

Chowdhry believes that the following stocks should be valued at just 1.5x revenue and investors are encouraged to sell into any strength: