Fitbit Inc (FIT) and Minnesota Timberwolves Announce Multi-Year Partnership

Fitbit Inc (NYSE:FIT) and the Minnesota Timberwolves announced a new three-year partnership. Fitbit is now the “Official Wearable” and “Official Sleep Tracker” of the Minnesota Timberwolves,Minnesota Lynx and Iowa Wolves in a partnership that extends to the court, arena, back-office and fans. Fitbit will provide access to devices to all three teams, including business and basketball staffs, offering personalized insights that can be used to gain a competitive advantage and improve performance throughout the organization. Fitbit’s logo will appear on Timberwolves player uniforms beginning with the 2017-18 season as the team’s jersey patch partner, as well as on the Iowa Wolves jerseys.

The jersey patch will be unveiled later this summer with the new uniforms. The team will wear the jerseys for the first time during two exhibition games against the Golden State Warriors in October as part of the 2017 NBA Global Games in China.

“With many synergies between our two organizations, Fitbit is the ideal partner for our first ever jersey patch,” said Timberwolves & Lynx CEO Ethan Casson. “As a business, we are taking a fresh look at technology and innovation, and partnering with a company that also values the importance of data and analytics will serve us both well in the years to come. We look forward to working with Fitbit towards the common goal of improving organizational performance and serving the health and wellness of our communities.”

Fitbit and the Timberwolves organization are exploring opportunities for the Iowa Wolves to serve as a testbed for using Fitbit technology in new ways to enhance basketball performance. The Timberwolves will encourage all employees to adopt Fitbitdevices to further establish the organization as a leader of corporate health and wellness.

“We’re excited to partner with an organization that recognizes and embraces the powerful role that innovative technology, data and analytics can play in improving performance,” said Tim Rosa, SVP & Chief Marketing Officer at Fitbit. “Wearable technology is in a position to change the sports and fitness landscape, and we’re committed to working hand-in-hand with the Timberwolves to identify new ways that Fitbit can provide value throughout the organization and also bring an engaging experience tied to health and wellness to fans and the community.”

Fitbit will also receive a number of marketing assets, including branding and integration across the team’s mobile app, in-arena signage and team store. The companies are working to integrate the new concessions menus into the food logging section of the Fitbit app, making it easier for fans to make more informed decisions about what to eat and track food consumed at games. Fitbitwill also reach fans through the team’s social channels, including the branded Fitbit Stat Tracker that showcases Timberwolvesplayer stats and highlights, and involvement in community relations events, as well as Fitbit Challenges.

Fitbit will have the opportunity to grow visibility and relationships within a market that is considered one of the leaders in fitness. Duluth topped Fitbit’s Fittest Cities list in 2017, with Minneapolis ranking second in 2016, and Minnesota is home to many like-minded companies, clients and partners of Fitbit, including UnitedHealth Group, providing additional opportunities for collaboration in the future.

The announcement is the latest in a series of announcements tied to the new era of Timberwolves basketball. The new era has three key areas of focus: being champions on the court, having world-class facilities and staff, and growing the game of basketball. With new leadership on the court and in the boardroom, the franchise is poised for more significant changes in the coming months. Target Center’s renovation project, complete with new premium spaces, seating and concourse improvements, will hit the finish line in time for the beginning of the 2017-18 season. There are several exciting announcements slated for the very near future, including additional news on continued improvement in the areas of technology, enhanced community involvement, the new jersey design, and additional partners and upgrades to amplify business operations and improve the fan experience and fan engagement. The franchise will also enter its first season with the NBA G League’s Iowa Wolves for the 2017-18 season.

Shares of Fitbit closed yesterday at $5.15, up $0.09 or 1.78%. FIT has a 1-year high of $17.18 and a 1-year low of $4.99. The stock’s 50-day moving average is $5.56 and its 200-day moving average is $6.24.

Sentiment on the street is mostly bullish on FIT stock. Out of 6 analysts who cover the stock, 3 suggest a Buy rating , 2 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $7.75, which implies an upside of 50% from current levels.

Fitbit, Inc. engages in the development of wearable device which tracks data of an individual’s health. The company offers wrist-based and clippable devices, which can track users daily steps, calories burned, distance traveled and active minutes and display a real-time feedback. Its users also measure floors climbed, sleep duration and quality, and its products track heart rate and GPS-based information such as speed, distance, and exercise routes. 

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