How To Buy Fitbit Stock \/\/FREE\\\\
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.
how to buy fitbit stock
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.
Fitbit shares were halted from pre-market trading on the New York Stock Exchange Thursday after changing hands at $6.93 each. The stock has surged more than 60% since the day prior to the first news of the Google purchase in November 2019.
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.
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As an investment, however, Fitbit leaves a lot to be desired. Fitbit's profit margin of negative 16.4% and plummeting year-over-year quarterly revenue growth of negative 30.8% are problematic. To make matters worse, the company reported a 26% drop in year-over-year sales in the first quarter of this year, well before the economic impact of the pandemic began to take shape. Furthermore, Fitbit's stock price has dropped more than 70% since its IPO in 2015 and shows few signs of recovery, and the company has no intention of offering a dividend in the foreseeable future.
If Alphabet is allowed to buy Fitbit, the company's unprofitability would no longer be a concern thanks to the value of its health data hoard. On the other hand, if the deal falls through, Fitbit will be back in the same position it has held for the last five years, wherein monetizing customer data does not provide the company with enough revenue to survive in the long term. Thus, investors should take care to approach Fitbit as a risky and speculative stock -- at least until it can demonstrate either reliable revenue growth or profitability.
Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Alex Carchidi has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alphabet (C shares) and Fitbit. The Motley Fool has a disclosure policy.
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 Inc. FIT, -22.22% announced Thursday morning that its acquisition by Alphabet Inc.'s [s; GOOGL] GOOG, +0.53% 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, +1.42% 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.
Fitbit announced when it reported its third-quarter results that it was expecting fourth-quarter revenue to grow by just 2% to 5% year over year. The stock tumbled on the news, adding to its losses for the year. CEO James Park admitted that growth was slower than expected:
With Fitbit facing the possibility of slumping sales in 2017, the stock could continue to decline going forward. On the other hand, if Fitbit managed a better holiday season than expected, the beaten-down stock could soar. There's a lot of uncertainty surrounding the company right now, and we won't know more until Fitbit reports its results.
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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." 041b061a72