Buy Fitbit Stock !FULL!
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buy fitbit stock
Google will pay $7.35 per share in cash for the acquisition, Fitbit said. Fitbit's all time high share price was $51.90 on Aug. 5, 2015, a couple months after its stock market debut at $30.40. The deal is expected to close in 2020, according to the announcement.
On Monday, Fitbit's stock surged more than 30% on news that Alphabet had made an offer to acquire the smartwatch maker. As of Monday's close, Fitbit's market cap sat at $1.5 billion, up $340 million from the previous trading day.
Google agreed to purchase Fitbit for $7.35 per share, valuing the fitness specialist at $2.1 billion. Google fought Facebook for the chance to buy Fitbit. In the end, it agreed to spend more on the deal than it had intended. Although Fitbit stock has fallen in value from where it was at the time of the deal, Google will still pay the agreed price.
With Fitbit stock becoming untradeable, Fitbit shareholders are wondering what will happen to it. As Google agreed to pay for the Fitbit acquisition in cash rather than stock or a mix of both, Fitbit stock will not convert to Google or Alphabet stock.
Because Fitbit stock is now untradeable, it will automatically convert to cash. Consequently, Fitbit stock will be removed from your brokerage account. You can decide whether to use the cash to buy Google stock.
Google parent Alphabet's stock currently trades at more than $1,730 per share. If that's out of reach for you, consider opening an account with brokers such as Robinhood, SoFi, Cash App, or Charles Schwab, which allow investors to purchase fractional shares from $1.
Today Fitbit's shares are trading a a whopping 70% below their IPO price of $20 -- presenting what could be viewed as a chance to invest in the company at a more attractive price than what I would have paid had I been important enough to be able to buy shares before its IPO. Of course, the downward journey of its stock could also be viewed as the market's conclusion that there is not likely to be a fresh wind blowing into Fitbit's sails.
Morningstar suggests that Fitbit's shares are less-highly-valued than the average competitor in its industry. For example, Fitbit's Price/Earnings and Price/Sales ratios of 13.5 and 0.6 are lower than the industry's 25.8 and 2.6, respectively. But with Fitbit's potential to get smaller and its much lower operating margins -- 8% vs. the industry's 14%, investors may be over-valuing its stock.
And for that, there is potential good news for Fitbit -- its market leadership. According to IDC in the third quarter of 2016, Fitbit "was once again the market leader in 3Q16 as the vendor released a long awaited refresh for the Charge HR with the Charge 2. Despite recent negativity surrounding the company's long-term strategy and stock price, IDC expects Fitbit to continue leading the pack in the near term. The acquisition of Coin and the potential to expand into the smartwatch category present an opportunity for the company to be more than just a fitness brand."
Alphabet's (GOOGL) Google on Thursday said it has closed the acquisition of Fitbit (FIT) for $2.1 billion, giving it a top brand in the health and fitness markets vs. Apple (AAPL). Google stock edged down on the news.
Fitbit shares spiked shortly after the fake offer was released. The SEC's complaint alleged that a man named Mark E. Burns bought Fitbit call options before a second man, Robert W. Murray, posted the buyout offer on Edgar. The call options, designed to profit from a stock's rise without owning the actual shares, earned Burns a 350% profit of about $13,000 after he sold them, the SEC said.
Google will pay $7.35 a share for San Francisco-based Fitbit, according to a statement Friday. That represents a 71% premium to Fitbit's stock price before Reuters reported Google had made a bid on the company on Oct. 28. The acquisition is Google's second major purchase this year, after it agreed to pay $2.6 billion for cloud software provider Looker in June.
Fitbit has been struggling to compete with Apple Inc. and others in the smartwatch market. Its shares sunk to a low of $2.85 a share at the end of August. The stock has recovered since news broke that Google might swoop in to bid, but is still far below Fitbit's $20 per-share price in the company's 2015 initial public offering. The shares were trading at about $7.20 in New York Friday morning.
A US man has been arrested and charged in connection with a $100 million stock manipulation involving shares of the wearable technology maker Fitbit, federal prosecutors announced Friday. googletag.cmd.push(function() googletag.display('div-gpt-ad-1449240174198-2'); ); Virginia mechanical engineer Robert Murray was due to appear before a Manhattan federal judge Friday. He faces parallel civil charges brought by the Securities and Exchange Commission.
Leo Sun has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Apple and Fitbit. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool recommends UnitedHealth Group. The Motley Fool has a disclosure policy.
Fitbit (stylized as fitbit) is an American consumer electronics and fitness company. It produces wireless-enabled wearable technology, physical fitness monitors and activity trackers such as smartwatches, pedometers and monitors for heart rate, quality of sleep and stairs climbed as well as related software. The company was acquired by Google in January 2021.
Fitbit Inc. FIT, +14.29% announced Thursday morning that its acquisition by Alphabet Inc.'s [s; GOOGL] GOOG, -0.57% Google has officially closed. Alphabet agreed to pay about $2.1 billion, or $7.35 a share, to acquire Fitbit. The deal was first announced in November 2019 but faced regulatory pushback, particularly in the European Union. European regulators who were looking into the deal eventually gave their blessing last month after securing commitments from Google around data privacy. "Google will continue to protect Fitbit users' privacy and has made a series of binding commitments with global regulators, confirming that Fitbit users' health and wellness data won't be used for Google ads and this data will be kept separate from other Google ad data," Chief Executive James Park said in a letter to Fitbit users Thursday. Fitbit shares were halted prior to the announcement. Fitbit's stock had gained 5.2% over a 12-month span compared with a 16% rise for the S&P 500 SPX, +0.57% over the same span.
I already have one but I was looking for the Versa on Amazon to buy my girlfriend one for her birthday next month. However, it seems like they removed it. I even tried navigating to the page from a order I place for it but then cancelled a while ago and I just ended up with a "page not found" page. At first, I thought maybe Amazon was sold out. But that seems odd to me because they probably would just say it's out of stock instead of removing the whole page. Is Amazon not going to be selling it anymore? Did anyone who had an outstanding pre order through amazon hear anything about it?
If Fitbit pulled the listing because they ran out of stock because of popularity or because of issues, hopefully they will talk to their hardware team and partners to have a more consistently good second batch production run, especially when you read about customers buying 2 or 3 units and only having one unit being okay of the 3 or 2. Hoping they resolve things.
As of 1:55 p.m., shares of Fitbit Inc. (NYSE: FIT) were up 8.1% and trading near $34.47. FIT stock surged 13% to $35.75 a share earlier in the day. That marks the highest intraday level since June 30, less than two weeks after the Fitbit IPO on June 17.
The boost in the Fitbit stock price came after Morgan Stanley upgraded Fitbit stock to "overweight" - the equivalent of a "Buy" rating. The investment bank recently found that the company controls 21% of the wearable tech market. It set a price target of $58 and cited Fitbit's dominant market share over Apple Inc. (Nasdaq: AAPL) as the main factor behind the stock's growth. That represents a gain of more than 62% from today's high price.
The stock still has momentum from its last stellar earnings report. Fitbit posted earnings of $0.21 per share in the second quarter, smashing Thomson Reuters estimates of $0.08. It generated revenue of $400 million and sold 4.5 million devices.
Despite the company's strong market share and financials, we recommend holding off on buying Fitbit stock for a few more quarters. Fitbit's top- and bottom-line numbers need to keep showing the company has a firm grip on the market it supposedly dominates. That means consistently outselling competitors like the Apple Watch and Jawbone.
"For them to succeed, they'll have to be agile and execute a plan to attack their niche market," Money Morning Defense & Tech Specialist Michael A. Robinson said when the Fitbit stock price soared after its IPO. "They need to figure out how long they can sustain a competitive advantage."
Its market capitalization soared to just under $10 billion after becoming a public company in 2015. But its value this week is well below $2 billion. When rumors of a potential buyout by Google surfaced earlier this week, Fitbit shares soared almost 30%. The stock jumped another 15% in morning trading Friday. 041b061a72