Fitbit Inc (FIT) Shares Up Big After Huge Jump in App Downloads After Christmas

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What is the greatest motivation for working out? If you were to look at gym signups nationwide, you would have no argument in saying that the Holiday season and the New Year are the greatest motivating factors for getting in shape. For Fitbit Inc (NYSE:FIT), a company that specializes in wrist-worn fitness tracking devices, this could be no closer to the truth. That is why shares of the stock have jumped close to 6% in pre-market trading this morning.

According to Quartz, Christmas evidently was quite kind to Fitbit Inc (NYSE:FIT). The app, which is a requirement for those buying Fitbit products, suddenly shot to the top of the Apple’s (NASDAQ:AAPL) free app chart on the afternoon of Christmas. This was a 20 place jump from the day prior. With 5.28 million fitness trackers sold by the company in the fourth quarter of last year, it would come as no surprise at all if they have surpassed this number (perhaps by far) this year.

The stock closed at $28.91 during the last trading session. It is up 6.00% since November 28, 2015 and is uptrending. It has outperformed the S&P500 by 8.26%.

From a total of 11 analysts covering Fitbit (NYSE:FIT) stock, 7 rate it a “Buy”, 0 a “Sell”, and 4 a “Hold”. This means that 64% 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 $46.35 which is 60.33% above today’s ($28.91) stock price. Fitbit was the topic of 16 analyst reports since August 6, 2015 according to the firm StockzIntelligence Inc. Ladenburg Thalmann initiated shares on December 9 with a “Neutral” rating. Pacific Crest initiated shares with a”Overweight” rating and a $47 target share price in their report from a September 15. Bank of America upgraded FIT stock in a recent report from November 17 to a “Buy” rating. Piper Jaffray maintained the rating on August 24. Piper Jaffray has a “Overweight” rating and a $60 price target on shares. Finally, Cleveland initiated the stock with a “Neutral” 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 $5.99 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 81.81 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.

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