Fitbit Inc (NYSE:FIT) is making notable steps towards clinching the top spot in the lucrative global wearables market. The company has announced that it is updating its popular brands with the Fitbit OS 3.0. The brands slated for the update include the Fitbit Ionic, Fitbit Ionic: Adidas edition and Fitbit Versa smartwatches.
Fitbit updating popular brands with the Fitbit OS 3.0.
The updated devices will give users more meaningful real-time data on sleep, exercise (heart rate and hourly activity) and also weight and water intake. The information is helpful in analyzing one’s health status.
Fitbit will also through in a Goal-based exercise mode for the Ionic, Ionic: Adidas edition and the Versa brands. With the goal-based exercise mode capability, users can set achievable personal goals for some calories burned, distance and time in over a dozen different exercises including and not limited to running, biking and swimming. The device will be keeping scores for every milestone achieved giving motivation and celebrating upon achieving the goals.
Besides the new Fitbit OS 3.0, Fitbit users will also get complimentary apps and clock phases including the actual health, Couch to 5K, Genius Wrist and MySwimPro. The apps integrate with Fitbit data to track users’ health. Two products for the ski season are also in the pipeline; the Alpine Snow will help users track the distance covered on the slopes, no of runs, speed, altitude and weather conditions. On the other hand, the Skateboard App helps skaters track their speed, heart rate, calories burned and distance covered during the exercise.
Fitbit OS 3.0. Eyeing Apple’s Spot
The company plans to release more offerings next year including menstrual cycle trends for the Female Health Tracking app. Fitbit is investing heavily in its product line to boost its stock’s value and probably beat Apple’s market cap in the long run. From an analytic point of view, the company’s recent update moves are aimed at matching Apple’s offerings with a little twist of differentiation. Currently, Fitbit is trailing Apple in market capitalization controlling a remarkable 11% of the wearables market share against Apple’s 13% according to an IDC survey.
With the Fitbit OS 3.0 update, the company is making itself appealing to health firms and health enthusiasts in general which is precisely what Apple is aiming. The focus on creating a strong product line will have an overwhelming effect on Fitbit’s stock and its market capitalization as a whole.
Fitbit’s Stock performance
As of the just concluded business day, Fitbit’s stock closed at $4.62, 3.75% down its opening price of $4.72. The stock has moved about -38.40% from its 52-week high of $7.79 having gained a handful 13.48% from its 52-week low of $4.23. As evidenced in the numbers, the stock’s value has dropped significantly this year affecting its market cap as well. Currently, the company holds a market valuation of $1.15 billion. Wallstreet analysts covering Fitbit’s stock have given it a consensus rating of 2.70 implying a BUY recommendation although it’s much more like a Hold than a buy.