Home / Tech & Systems / Fitbit Inc. (NYSE:FIT) Takeover Wearable Payment Assets of Coin

Fitbit Inc. (NYSE:FIT) Takeover Wearable Payment Assets of Coin

Fitbit Inc. (NYSE:FIT) [Trend Analysis] hangs on to mix trends, as shares trade at $14.60 by ascend 4.36% with volume of 6.64 Million shares that was impressive than its average volume of 10601.07 shares. Fitbit, Inc. (FIT) revealed that it has takeover wearable payment assets of Coin, a Silicon Valley consumer electronics and financial technology company. The deal includes key personnel and intellectual property specific to Coin’s wearables payment platform.

At same time as there are no plans to integrate Coin’s wearable payments technology into the 2016 Fitbit product roadmap, the acquisition accelerates Fitbit’s ability to develop an active NFC payment solution that could be embedded into future Fitbit devices, broadening its smart capabilities.

CEO and co-founder of Fitbit, James Park stated that they are focused on making wearable devices that motivate people to reach their health and fitness goals, and that also make their lives easier with the smart features they need most. “Coin has been one of the key innovators in advanced payment solutions. The inclusion of their payment technology into our offerings will further our strategy of making Fitbit products an indispensable part of people’s lives.”

For current month, 1 analyst from pool recommended for an “overweight” rating, while 10 gave rating of “Buy” and 11 analysts suggest to “Hold” and zero out of pool analysts gave preference to “underweight,” according to research rating by WSJ.

While alarming thing to be notice is price target, the average pool price target for FIT has been mentioned as; 32.00 tends to high price target, medium level touched to 21.00, and 16.00 was assigned as lowest share price targets. To accommodate all of these, average analyst price target appeared by 22.47, where as the current price is 14.60, as per research conducted by WSJ.

Fitbit Inc. (NYSE:FIT) presented weekly performance of 6.03% with respect to its rate of return and it remained -16.38% for the month. However, the performance for a quarter experienced change of -11.62% and its year to date performance remained in red with -50.66%. The stock price volatility was 3.65% for a week and 4.61% for a month.

Current stock price is in the upbeat territory taking into account of 20 days moving average with -6.48% and continued bullish run for 50 days moving average with -4.91%. Its earnings per share for the past twelve months were 297.90%. Beta measures the amount of market risk associated with market trade.


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