Tag Archives: fit

Fitbit Given Physical, Passes With Outperform Rating

Wearable fitness device maker Fitbit ( FIT ) is the best-positioned company to take advantage of trends in digital health and real-time fitness analytics, Oppenheimer analyst Andrew Uerkwitz said in a report Monday. Uerkwitz initiated coverage of Fitbit with an outperform rating and a 12- to 18-month price target of 25. Fitbit was down almost 3.5%, near 16, in afternoon trading on the stock market today . “We see this market as just beginning,” he said. “We see today’s lifestyle trackers as equivalent to early PDAs: a device that has limited functionality but a precursor to something much larger.” Over the long term, Fitbit will continue to add capabilities and features to its devices and software, Uerkwitz said. In the near term, it will benefit from expanding its international reach and broadening its product portfolio. Fitbit bears think wearable fitness devices will become commodities, but Uerkwitz doesn’t see that happening, at least not in the near term. “We believe software and platform are the primary ways for Fitbit to build a technology ‘moat’ and ensure continued market leadership,” he said. Fitbit gets a Composite Rating from IBD of 40 out of a possible 99. The company faces a host of current and emerging competitors, including Fossil ( FOSL ), Garmin ( GRMN ), Jawbone, Microsoft ( MSFT ) and Under Armour ( UA ). “Fitbit is viewed/valued as a one-hit wonder,” Uerkwitz said. “We see this as very misunderstood. Fitness tracking, in our opinion, is just beginning, and the end game is real-time analytics for fitness and the next step in digital health.” Retail tracker NPD Group reported Monday that Fitbit remained the leading brand in connected activity trackers in 2015, accounting for 79% of sales. Sales of connected activity trackers rose 85% in units and 110% in revenue in 2015. The average selling price for a connected activity tracker rose to $109 in 2015 from $96 a year earlier. “The increase in ASP speaks to these devices becoming more sophisticated, and that consumers are looking for better-quality devices, not just entry-level products,” NPD analyst Ben Arnold said in a statement . “This, combined with unit growth, shows that prices aren’t falling to drive demand; demand is increasing along with rising prices.” RELATED: Fitbit Is Not GoPro, Insists Analyst Despite Cutting Price Target .

Fitbit fad concern ‘overblown’; stock rebounds

Fitbit (FIT) stock bounced off its all-time low this week after a research report by Raymond James argued that shares of the activity tracker maker were oversold. Raymond James analyst Tavis McCourt on Thursday upgraded Fitbit to outperform from market perform, with a price target of 25. Fitbit stock was up more than 3.5%, near 19, in afternoon trading on the stock market today. On Wednesday, Fitbit stock hit an all-time low of 15.53. The San

Fitbit stock falls below IPO price post-CES

Shares of wearable fitness device maker Fitbit (FIT) dropped to their lowest level ever on Monday, following a rough week at the Consumer Electronics Show in Las Vegas. Fitbit stock was down nearly 12%, near 18, in afternoon trading on the stock market today. The San Francisco-based company went public last June at 20. Monday marked the first time that Fitbit had fallen below its IPO price. Fitbit stock crumbled last week at the annual CES trade