Fitbit Inc. (NYSE: FIT)
FIT News & Technicals
This morning before the market opened, shares of Fitbit Inc. (FIT) got a boost after analysts at Stifel predicted a 96% return, as growth potential still remains solid. Market participants have punished shares of FIT since it reached highs in August at $51.90 to yesterdays close of $17.79, a 65% decrease. “Market adoption of Fitbit products is pacing ahead of expectations, and the market for digital fitness and corporate wellness continues to grow,” said analyst Jim Duffy. This will be a stock to watch in 2016 with plenty of upside potential.
Shares got a nice pop in the premarket reaching highs of $18.57 before pulling back a little bit. We’ll have to see where shares open but it looks like we’ll see some resistance at the $20 and $20.50 levels while support at $18 and $18.28. This could be the catalyst this stock needs to turn around and get out of this downtrend it’s been in since August. We’ll need to see it reach higher lows and a close above the $20 level would be a great start. Lets see how price action behaves today.
Fitbit Inc. Profile
Fitbit, Inc. is engaged in the development of wearable device, which tracks data of an individual’s health. It offers products, which can track a person’s activities, such as calories burned, sleep quality, steps, and distance. The data collected allows an individual to monitor their progress towards their own personal goals. The company was founded by Eric Friedman & James Park in 2007 and is headquartered in San Francisco, CA. (MarketWatch)