Fitbit Gets a Stock Price Boost From Consumer Electronics Show
January 8, 2017 by Paul AusickUnlike action camera maker GoPro, Fitbit Inc. (NYSE: FIT) got a share price boost of about $1 a share ahead of last week’s Consumer Electronics Show (CES). The maker of activity trackers introduced an update to its Blaze device as well as new software apps designed to encourage users to “make health fun, engaging and meaningful.”
Fitbit extended two powerful health and fitness features to Fitbit Blaze that are powered by PurePulse® continuous wrist-based heart rate tracking. The Cardio Fitness Level and Relax guided breathing sessions have been available on the company’s Charge tracker.
CEO James Park said:
For nearly 10 years, we have been the leader in the connected health and fitness category because we have consistently delivered innovative products, software and services that work together to create an engaging experience our users love and can’t live without. With these latest advancements, we’re delivering even more ways to interact with your social network and provide a smarter, more tailored experience, transforming the personal value of Fitbit devices from beloved fitness trackers to an integral part of your life.
The Fitbit and Fitstar Personal Trainer apps added new features that provide a more engaging social experience in the Fitbit app’s new “Community” section. The new section offers more ways to connect with others for support and inspiration as users progress along their paths to better health.
Another added social feature called “Feed” lets users connect with family, friends, and groups for added support and inspiration to help reach fitness goals.
The updated Fitstar Personal Trainer app delivers personalized, adaptive video-based exercise routines that can be done by anyone, whether at home or on the go, and are customized to an individual’s fitness level and to evolve as users progress through their fitness routines.
Shares closed at $7.32 on Friday December 30 and a week later closed at $7.90, up nearly 8% for the week. The stock’s 52-week range is $7.20 to $21.62 and the consensus 12-month price target is $10.36.
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