Company Update (NYSE:FIT): Fitbit Inc Announces Three Key New Partnerships with Habit, Peloton, and VirZOOM


Fitbit Inc (NYSE:FIT) announced partnerships with three cutting-edge brands in the health and fitness space as part of the growing list of popular products and services that have joined the Works with Fitbit program.

  • Habit, the world’s first complete personalized nutrition solution, leverages Fitbit data to create customized food recommendations and nutrition plans.
  • Peloton, the company that created a revolutionary indoor bike that brings live and on-demand studio classes into your home, automatically shares post-ride metrics to your Fitbit app so you can see the impact on your overall health and fitness.
  • VirZOOM, online multiplayer virtual reality sports games, gives you credit for your VR bike ride directly in your Fitbit app, providing a fun, gamified approach to meeting your workout goals.

Works with Fitbit lets developers, brands and Fitbit users connect the Fitbit platform to popular health and wellness apps, services and hardware products, making it easier for consumers to achieve their wellness goals. As the first company in the category to offer an open API, Fitbit has the flexibility to partner with top brands and developers, no matter what platform they choose, across areas such as exercise equipment, gaming, hospitality, nutrition and wellness. Today, thousands of companies are leveraging this program.

“We embrace new partnerships with brands that share our goal of creating experiences that enable people to lead a healthier, more active lifestyle and we are always looking for fun, innovative ways to keep our community engaged and motivated on their health and fitness journey,” said Tim Rosa, Senior Vice President and Chief Marketing Officer at Fitbit. “Whether you enjoy racing through a virtual reality world as an F1 driver, or you are motivated to pedal your heart out with a group class in the comfort of your own home, the Works with Fitbit program makes it easy for users to enjoy, track and measure their health and fitness stats all in one spot.” (Original Source)

Shares of Fitbit are currently trading at $8.02, up $0.08 or +1.07%. FIT has a 1-year high of $24.18 and a 1-year low of $7.20. The stock’s 50-day moving average is $8.04 and its 200-day moving average is $12.41.

On the ratings front, Fitbit has been the subject of a number of recent research reports. In a report issued on December 27, CFRA analyst Scott Kessler reiterated a Hold rating on FIT. Separately, on December 22, Citigroup’s Stanley Kovler maintained a Hold rating on the stock and has a price target of $8.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Scott Kessler and Stanley Kovler have a yearly average return of 8.7% and 2.7% respectively. Kessler has a success rate of 73% and is ranked #475 out of 4351 analysts, while Kovler has a success rate of 57% and is ranked #1874.

Overall, one research analyst has rated the stock with a Sell rating, 18 research analysts have assigned a Hold rating and 2 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $10.20 which is 28.5% above where the stock closed yesterday.

Fitbit, Inc. engages 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.