Shares of Fitbit Inc (NYSE:FIT) have been down considerably since the start of December when reports indicated that Black Friday weekend sales were slow out of the gate. Apparently though, a new report from Pacific Crest Securities analyst Brad Erickson has indicated that despite this slow start to the holiday season, consumers are now purchasing Fitbit Inc (NYSE:FIT) products at a much faster pace.
“Checks indicate Fitbit’s in-store demand came back in a big way since our Black Friday checks indicated disappointing sell-through a few weeks ago,” Erickson said. “We believe the company is tracking to Q4 upside with one-third of Best Buy (NYSE:BBY) stores struggling to keep Charge HRs in stock.”
Shares of Fitbit Inc (NYSE:FIT) were trading at over $34 on December 7th, before slowly dropping close to all time lows late last week. This report, however, seems to have added a bit of confidence to the stock with considerable gains this afternoon. The stock is currently trading higher by 3.82% or $1.06 following the positive news, hitting $28.79 per share at the time of us publishing this article. About 5.55 million shares traded hands. FIT has risen 6.00% since November 21, 2015 and is uptrending. It has outperformed the S&P500 by 8.26%.
From a total of 16 analysts covering Fitbit Inc (NASDAQ:FIT) stock, 9 rate it a “Buy”, 0 a “Sell”, and 7 a “Hold”. This means that 56% 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 $50.17 which is 74.26% above today’s ($28.79) stock price. Fitbit Inc was the topic of 17 analyst reports since August 6, 2015 according to the firm StockzIntelligence Inc. Sterne Agee CRT initiated shares on September 29 with a “Neutral” rating. Morgan Stanley upgraded shares to a”Overweight” rating and a $58 target share price in their report from a September 8. Pacific Crest initiated FIT stock in a recent report from September 15 with a “Overweight” rating. Finally, FBN Securities initiated the stock with a “Outperform” rating in a report they issued on a September 9.
Fitbit, Inc. is a provider of health and fitness products. The company has a market cap of $5.84 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 81.47 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.