Fitbit Inc (FIT) Remains on top of Apple (AAPL) in Smart Wearables Market – Stock Up Big in Morning Trading

Share

Fitbit Inc (NYSE:FIT) shares are up in early morning trading, after the IDC released data showing that the company still remains atop the charts when it comes to the “wearables” market. Even with the likes of Apple (AAPL) entering the market recently with the Apple Watch, Fitbit Inc (NYSE:FIT) still made the most shipments of wearables for the third quarter of 2015.

Fitbit Inc (NYSE:FIT) shipped approximately 4.7 million wearables, whereas Apple (AAPL) came in second with 3.9 million shipments. These two were followed by Xiaomi (3.7 million), Garmin (900,000), and BBK (700,000). Certainly it will be a challenge for the company to hold off the likes of Apple in the long run, but for now they are proving that they belong in this marketplace.

The stock is up 2.99% or $0.9 following the news, hitting $31.04 per share. About 1.76M shares traded hands. FIT has risen 6.00% since November 4, 2015 and is uptrending. It has outperformed the S&P500 by 8.78%.

From a total of 10 analysts covering Fitbit (NYSE:FIT) stock, 7 rate it a “Buy”, 0 a “Sell”, and 3 a “Hold”. This means that 70% of the ratings are positive. The highest target price is $79 while the lowest target price is $16. The mean of all analyst targets is $47.93 which is 54.41% above today’s ($31.04) stock price. Fitbit was the topic of 15 analyst reports since August 6, 2015 according to the firm StockzIntelligence Inc. Barclays Capital upgraded shares on November 30 to a “Overweight” rating. Piper Jaffray maintained shares with a”Overweight” rating and a $60 target share price in their report from an August 24. Sterne Agee CRT initiated FIT stock in a recent report from September 29 with a “Neutral” rating. Vetr upgraded the rating on August 7. Vetr has a “Sell” rating and a $48.19 price target on shares. Finally, Pacific Crest initiated the stock with a “Overweight” rating in a report they issued on a September 15.

Fitbit, Inc. is a provider of health and fitness products. The company has a market cap of $6.43 billion. The Company’s Fitbit platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights, and virtual coaching through fitness plans and interactive workouts. It has 87.84 P/E ratio. It offers a number of fitness products, including Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Aria.

COMMENTS: