Fitbit: Top App
Fitbit (FIT) completed another successful holidays where their app ranked in the top 5 locations on the iPhone in 6 countries. In the Health & Fitness category, the Fitbit app reached the top rank in 29 countries.
Source: App Annie
The data points continue to mount for the stock deserving of a higher valuation with the market cap at only $1.25 billion. The company had another strong holiday season evident by the high downloads for new devices on Christmas.
The chart appears mixed as Fitbit continues to fight the downtrend due to investor negativity and misunderstanding on the business prospects. Another test of $4.50 would probably be a negative so any minor dip next week probably should be bought. A higher low here would be very bullish sign.
Disclosure: Long FIT. Please review the disclaimer page for more details.