Why Fitbit Stock Rose 15.4% in September
Shares of Fitbit (NYSE: FIT) climbed 15.4% in September, according to data from S&P Global Market Intelligence. The jump in the company's share price can mostly be attributed to optimism surrounding the unveiling and launch of its Ionic smartwatch line.
Fitbit unveiled the Ionic smartwatch on Aug. 28, highlighting features including a four-day battery life, new health-tracking technologies, and contactless payments. Fitbit also announced a partnership with DexCom to bring glucose-monitoring technology to the Ionic line of watches. The Ionic is an important step for the company as it attempts to expand beyond activity trackers and get a bigger foothold in the broader wearables market.
Fitbit stock also got a lift following a Sept. 26 announcement that the company was one of nine that had been approved for a Food and Drug Administration program that will ease the regulatory approval measures for health and wellness apps, thereby speeding development processes. Faster development timelines could be significant as the company looks to build on the health and wellness functionality of its devices and develop an app ecosystem for its smartwatches.
Source: Fool.com
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