On Thursday, shares of fitness wearable maker Fitbit Inc FIT are rising, up almost 6% to $14.20 a share in morning trading after its stock was rated a 'Buy' by Longbow analysts.
In addition to upgrading FIT stock, analysts at Longbow also set a price target for the company of $20 per share. This suggests a potential increase of 49.25% from Fitbit's current stock price.
Another reason for FIT's climb today is the company announced it sold 1 million units each of its Blaze smartwatch and Alta device , which surpassed analyst expectations and exceeded Fitbit's own internal forecasts.
The Blaze is the #1 bestselling device in the smartwatch and heart monitor categories on Amazon.com AMZN , and it has earned over 1,200 reviews on the site, with 83% giving the device a 4- or 5-star rating. It sells for $199.95.
The Fitbit Alta, a fitness wristband catered toward women, is also one of top selling fitness tracker and pedometer devices on Amazon, and is priced at $129.95.
"At Fitbit, we continue to focus on developing innovative and motivating fitness-first products that our customers love and that help them achieve their health and fitness goals," said Woody Scal, Chief Business Officer of Fitbit. "The positive response we've received to Blaze and Alta demonstrates our continued ability to innovate and drive strong demand for Fitbit® products, which is what has made and kept us the leader in the global wearables category."