Fitbit, Inc. (NYSE:FIT) [Trend Analysis] luring active investment momentum, shares a decrease -3.33% to $8.14. In a new development, Fitbit (FIT) looking to purchase smartwatch firm Pebble. The fitness wearable firm is stated to be paying somewhere among $34 and $40 million for the accord to go through. The Information reports that Fitbit is very close to sealing the accord and is also paying a very ‘small amount’ for it.
The report states that Pebble was facing financial challenges in the past year and was looking for a buyout. TechCrunch reports citing unappointedperson close to the firm that Fitbit is reportedly paying somewhere among $34 and $40 million. The Information adds that Fitbit will phase out the Pebble brand following the buyout, and that it is interested in Pebble’s intellectual property instead. This is much lesser than what the firm was valued at a year ago.
The source stated that watch maker Citizen was looking to purchase Pebble for as much as $740 million in 2015. Before the launch of Pebble 2 in May this year, even Intel was willing to purchase Pebble for around $70 million. However, Pebble CEO Eric Migicovsky declined both offers then, and now is considering the $40 million maximum buyout, bending to the firm’s financial turmoil. The report states that Pebble will “barely cover their debts” with this accord. The total volume of 8.92 Million shares held in the session was surprisingly higher than its average volume of 9802.14 shares. EPS anticipates indicating constrictive facts, the current year from sell-side analysts, Price to current year EPS stands at 297.90%, and looking additional price to next year’s EPS is 14.09%. While take a short look on price to sales ratio, that was 0.82 and price to earning ratio of 19.71 attracting passive investors.
Several matter pinch shares of The Goldman Sachs Group, Inc. (NYSE:GS) [Trend Analysis], as shares moving down -1.44% to $223.36 with a share volume of 5.29 Million. SK Holdings Co reported that it submitted a non-binding offer to buy South Korea’s second-biggest producer of industrial gases that has been put up for sale by Goldman Sachs and others, in a accord a source stated could be valued at about $2 billion. Shareholders in Daesung Industrial Gases, comprising Goldman and Daesung Group Partners, put up for sale the 100 percent stake in the firm earlier this year.
Besides SK, Blackstone, KKR and Carlyle also submitted non-binding offers, South Korean online media Money reported on Friday, citing unappointedindustry sources. SK Holdings, a conglomerate holding firm, made the announcement of its offer in a securities filing on Friday, but did not elaborate. A person with direct knowledge of the sales process told Reuters the accord could be worth about $2 billion. The person declined to be identified as the sales process was confidential. The stock is going forward its 52-week low with 63.13% and moving down from its 52-week high price with -1.67%. To have technical analysis views, its debt to equity ratio of 6.92. The float short ratio was 1.54%, as compared to sentiment indicator; Short Ratio was 1.81.