After a rough year for Fitbit Inc., FIT stock is finally gaining some steam.
When Fitbit unveiled its smartwatch, the “Fitbit Blaze” in January, the company’s stock immediately plummeted as investors were not impressed, expecting something closer to Apple’s smartwatch. In fact, FIT stock dropped 18% over the few days following the unveiling and has continued to fall ever since.
Surprisingly, after its release in March, the Fitbit Blaze has proven to be a bigger hit than originally thought. Since the product’s release, FIT stock increased a whole 12%, and an estimated 1.3 million Fitbit Blaze devices have been sold. The Blaze is currently the number one selling smartwatch on Amazon.com, outselling the Apple Watch like no one anticipated.
According to MarketWatch, Citigroup has predicted that Fitbit should see “significant global expansion” this year, and they have even increased their price target to $30.
Thanks to online brokerages, stock trading has become accessible and affordable to the public in the last 20 years. It seems that investing in FIT stock is a smart move for those playing the market, but what is it about the Fitbit Blaze that is so popular among consumers?
The Blaze, selling online at $199.95, has a number of features to rival those of the Apple Watch: heart rate monitor, GPS, color touchscreen, on-screen workouts, music control, call and text capabilities among others. With the Blaze, users can specify which type of sport or exercise they are doing in order to see real-time stats; after every workout, they can view an on-screen summary of their progress. The Blaze will also count users’ steps throughout the day, as well as their calories burned and distance traveled.
The Fitbit Blaze appears to be a smart investment, both for those who plan to wear it or trade it online.