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Fitbit Unveils New Fitness Wearables to Curb Competition
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Fitbit is firing on all cylinders to fight off competition in the wearable world on the back of robust technologies and innovative products.
Recently, the company unveiled a new smartwatch, the Sense, which will help users track key trends in their health. The smartwatch is equipped with stress management and other features.
Priced competitively at $329, the Sense features an electrodermal activity sensor. When users put their palms over the watch face, the sensor measures electrical changes in sweat levels, thereby indicating their stress level.
In addition to the above, the company has also introduced revamped versions of its Versa - Fitbit Versa 3 and Fitbit Inspire 2.
Priced at $229, the new and upgraded Versa 3 smartwatch now features a GPS sensor and a speaker to take phone calls, as well as uses voice assistants like Google Assistant or Amazon’s (AMZN - Free Report) Alexa. The new Inspire 2 tracks users’ heart rate and sleep, and can connect to smartphones to map out runs and walks. The device is priced at $99.95 and comes with a free one-year trial of Fitbit Premium.
Fitbit remains optimistic about enhanced product offerings and expects the newly-launched wearables to further aid demand.
Fitbit was a pioneer in the wearable space and market leader for a long time, and people liked it for its simplicity and privacy. However, over the past few years, the company’s growth has been hindered by rising competition from major tech companies like Apple (AAPL - Free Report) , Garmin (GRMN - Free Report) and Xiaomi.
Alphabet, which is one of the very few companies that can actually stand up to Apple, agreed to buy Fitbit for $2.1 billion last November. However, the acquisition remains pending, subject to regulatory approvals in U.K. and the United States, among others.
The closure of the deal could be delayed to 2021.
Solid Product Portfolio: A Key Growth Driver
Fitbit continues to expand its portfolio with product launches, which will bode well for the company in the near term.
Last year, it announced the availability of its fitness-focused cheapest smartwatch, Versa Lite, which helps users track their health like the earlier released Versa.
In addition, the company announced new versions of cheaper trackers including the Fitbit HR, capable of tracking heart rate, and Ace 2, which can track activity in children.
With rising concerns surrounding healthcare and fitness, as well as increasing chronic diseases, such partnerships and product launches will help fortify Fitbit’s competitive position, along with expand the customer base.
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
Image: Bigstock
Fitbit Unveils New Fitness Wearables to Curb Competition
Fitbit is firing on all cylinders to fight off competition in the wearable world on the back of robust technologies and innovative products.
Recently, the company unveiled a new smartwatch, the Sense, which will help users track key trends in their health. The smartwatch is equipped with stress management and other features.
Priced competitively at $329, the Sense features an electrodermal activity sensor. When users put their palms over the watch face, the sensor measures electrical changes in sweat levels, thereby indicating their stress level.
In addition to the above, the company has also introduced revamped versions of its Versa - Fitbit Versa 3 and Fitbit Inspire 2.
Priced at $229, the new and upgraded Versa 3 smartwatch now features a GPS sensor and a speaker to take phone calls, as well as uses voice assistants like Google Assistant or Amazon’s (AMZN - Free Report) Alexa. The new Inspire 2 tracks users’ heart rate and sleep, and can connect to smartphones to map out runs and walks. The device is priced at $99.95 and comes with a free one-year trial of Fitbit Premium.
Fitbit remains optimistic about enhanced product offerings and expects the newly-launched wearables to further aid demand.
Fitbit, Inc. Price and Consensus
Fitbit, Inc. price-consensus-chart | Fitbit, Inc. Quote
Increasing Competition
Fitbit was a pioneer in the wearable space and market leader for a long time, and people liked it for its simplicity and privacy. However, over the past few years, the company’s growth has been hindered by rising competition from major tech companies like Apple (AAPL - Free Report) , Garmin (GRMN - Free Report) and Xiaomi.
Alphabet, which is one of the very few companies that can actually stand up to Apple, agreed to buy Fitbit for $2.1 billion last November. However, the acquisition remains pending, subject to regulatory approvals in U.K. and the United States, among others.
The closure of the deal could be delayed to 2021.
Solid Product Portfolio: A Key Growth Driver
Fitbit continues to expand its portfolio with product launches, which will bode well for the company in the near term.
Last year, it announced the availability of its fitness-focused cheapest smartwatch, Versa Lite, which helps users track their health like the earlier released Versa.
In addition, the company announced new versions of cheaper trackers including the Fitbit HR, capable of tracking heart rate, and Ace 2, which can track activity in children.
With rising concerns surrounding healthcare and fitness, as well as increasing chronic diseases, such partnerships and product launches will help fortify Fitbit’s competitive position, along with expand the customer base.
Zacks Rank
Currently, Fitbit has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>