Tag Archives: fit

Hot IPO Fitbit Hits High Before Q2 As Apple Cracks

Fitbit (FIT) stock looks to have hit its stride ahead of its quarterly earnings report after the close on Wednesday, with shares sprinting to a new high in the stock market today. The fitness-tracker maker is projected to grow earnings by 14% and sales by 180%. The Wednesday report will be the company’s first quarterly report since going public on June 18. The recent IPO jumped rose 4.9% to 49.95 in afternoon trading. Earlier, it jumped to 50.99,

Fitbit giving Garmin fits in the fitness market

Fitbit (FIT) is proving to be a tough competitor for Garmin (GRMN) in the fitness tracker market. Garmin entered the market for health and activity trackers with high expectations, but its sales in the category slowed dramatically in the second quarter. On Wednesday, Garmin posted lower-than-expected Q2 earnings after issuing a warning about weaker results on July 16. Garmin earned 72 cents a share excluding items on sales of $774 million in the June quarter. On a year-over-year basis, earnings per share fell 29% and sales slipped 0.5%. Analysts polled by Thomson Reuters had expected Garmin to earn 78 cents a share ex items on sales of $771 million. Before the earnings warning, Wall Street was modeling Garmin to earn 91 cents a share. The company blamed lower profits on currency exchange issues and the “competitive environment in the fitness market.” Garmin CEO Cliff Pemble said the…

Fitbit ignores hold rating, jumps to new high

Hold on, Fitbit (FIT) fans. Not every Wall Street analyst is bullish on the maker of activity trackers. S&P Capital IQ analyst Angelo Zino initiated coverage of Fitbit stock on Wednesday with a hold rating and 12-month price target of 50. Fitbit’s growth prospects are already reflected in the rich valuation of its stock, he said. Fitbit leapt to a record high of 48.98 in morning trading in the stock market today. In afternoon trading, Fitbit shares were up 4%, near 47.50. Fitbit went public at 20 on June 18. “From a top-line growth perspective, we see (Fitbit) revenue increasing 90% this year and an additional 29% in 2016,” Zino said in a report. “We are optimistic about the prospects of the overall wearables space, as we see the potential for the entire market to more than double this year, as consumer interest increases and manufacturers develop new innovative devices.”…