Tag Archives: fit

Fitbit leads Top 5 list of most notable IPOs in Q2

After a slow start to the year, initial public offerings picked up a solid pace in the second quarter, with some big winners and losers. The 69 new issues nearly doubled the number in Q1, while total proceeds raised more than doubled to $12.6 billion from $5.5 billion in Q1. June alone recorded 35 IPOs, the most for any June since 2000. Here’s our take on the most notable IPOs of the second quarter: Taking first place is Fitbit (FIT), the maker of wearable health and fitness trackers. The largest tech IPO this year, Fitbit raised $732 million on its June 18 debut. In vestor interest was described by IPOBoutique.com as reaching the level of “pandemonium” ahead of the launch. Fitbit priced 36.6 million shares at 20 each, above its upwardly revised expected range of 17 to 19. Fitbit stock popped 48% on its first day of trading and touched …

Fitbit stock climbs stairs with bullish RBC report

Fitness device maker Fitbit (FIT) bounced back from a post-IPO swoon on Tuesday after RBC Capital Markets initiated coverage of the stock with an outperform rating. RBC analyst Mark Sue set a price target of 45 on Fitbit stock. Fitbit went public at 20 on June 18 and climbed as high as 40.45 on June 22. On Monday, it closed at 33.28. In midday trading, Fitbit stock was up 10%, near 37, on the stock market today. “The connected health/fitness market is in the early growth stages,” Sue said. “Fitbit is rapidly gaining share, and we see increasing unit/ASP (average selling price) growth with a platform approach.” He predicts that Fitbit revenue will grow 83% this year and at least 29% next year, helped by international distribution and corporate wellness adoption. Fitbit will ship, conservatively, about 16 million fitness trackers this year, up 43% from 2014,…

Fitbit Will Muscle Out The Competition, Says Leerink

Last week’s marquee IPO Fitbit (FIT) got its first analyst coverage Thursday as Leerink initiated with an outperform rating and a price target of 44. Fitbit stock rose as much as 4.3%, then was up 1.5% in early trading in the stock market today. Analyst Steven Wardell wrote that, despite what the critics may say, there’s still a huge potential market for Fitbit’s fitness-tracking system despite high-end competition from Apple (AAPL) Watch and