Fitbit (FIT) Unveils Universal App for Windows 10
Shares of Fitbit Inc. (FIT) were trading up +1.75 or +4.14 percent to $44.00 per share in Friday's premarket after the company announced the release of its universal app for Windows 10 late yesterday. Fitbit stock closed at $42.25, up +1.07 or +2.60 percent in Thursday's regular trading session.
Founded in 2007, San Francisco, California based Fitbit Inc. is a consumer electronics company that develops and sells activity and health monitors using wireless wearable technology.
Fitbit Fitness Trackers include the Zip, a clip on model; wrist models include the Flex, Force, Charge, Charge HR and Surge. All of the products monitor activity and nutrition and vary as to the duration of their battery life. Fitbit had its initial public offering in June at $20 per share and subsequently gained +52 percent on its first day of trading.
Late yesterday, Fitbit announced the release of its new universal app for the Windows 10 operating system. The app is currently available for laptops, PCs and tablets with a version for the Xbox One and Windows 10 mobile slated to be released later this year.
James Park, Chairman and Chief Executive Officer of Fitbit said in a statement that "For a Fitbit user, health and fitness progress helps them make timely decisions throughout the day - from what to order for lunch, to take the stairs instead of the elevator, or what time to go to bed. As we do across all platforms, we continue to design features that empower people with information and motivation to set and reach goals with engaging experiences through our mobile apps. With the new Windows 10 app, we worked closely with Microsoft to give Windows users an even easier way to access, utilize and interact with the information that matters most to them, across all their Windows devices, to further support them in their fitness journey."
The new features in the app combine connected health and fitness devices with services and software. These include features such as online dashboards, data analytics, social and motivational tools and personalized virtual coaching offered through custom fitness plans and interactive workouts. The new Fitbit app is compatible with all of Fitbit's line of activity trackers and can be downloaded for free through the Windows Store.
Fitbit stock has rallied significantly since its June IPO, with a number of analysts giving the stock a price target of $55 per share in the near term and possibly as much as $79 per share in the long term. Analysts cited the possibility of the stock trading back down to $43 per share if the company runs into difficulties. So far, investors are voting with confidence in this morning's premarket, taking the shares up almost five percent. Fitbit shares made a new all time high at the beginning of the month, hitting $51.90 on August 3rd.
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