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Update on Fitbit and TWO AskMeAnything’s

April 13, 2016 by Cody Willard

Join me at 2pm ET for this week’s Live Q&A Chat at 2pm ET today at http://twc.scutify.com/members, on the TWC App, or just hit reply to this email and send in your question.

And I’m thrilled that we have an “Ask Me Anything” with the legendary trader, fund manager and Market Wizards authoer,@JacSchwager that is actually going on right now. Free and only on Scutify! Click here to see the free discussion.

Fitbit is up 13% today after a Citigroup analyst published analysis about Fitbit being set-up to for a good quarter. I agree since we know that $FIT shipped more than 1 million Fitbit Blaze and 1 million Fitbit Alta devices in the first month that they were available, which exceeded internal Fitbit sales forecasts. Based on a Mean Suggested Retail Price (MSRP) of $199.95 for the Fitbit Blaze and $129.95 for the Fitbit Alta, those shipment figures equate to approximately $330 million in total sales in only one month. Given that management’s guidance for Q1 2016’s sales was $420 to $440 million, and that sales of the Fitbit Alta and Blaze surpassed internal sales estimates, $FIT seems to be well on track to surpass its initial guidance (and analysts’ consensus estimates for $432.7 million in sales) in Q1 2016 if one assumes that all else has gone well during the quarter.

 

The Fitbit August call options we bought yesterday are up 50%. I wouldn’t be shocked to see the stock trade down again at some point for a short while, but I am going to hold my FIT common and call options steady for now.

I notice that some bears and shorts are starting to throw in the towel and that might very well set this market up for at least a little bit of a pullback, something we haven’t seen in two months.

Steady as she goes for now.

 

 

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Filed Under: Trading

Disclosure: At the time of publication, the firm in which Willard is a partner and/or Mr. Willard had positions in some of the stocks mentioned above although positions can change at any time and without notice.

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