Fitbit Inc (NYSE:FIT) has introduced its latest product, the Ionic smartwatch, with numerous features ranging from contactless payment to fitness tracking, as it gears up to give a strong competition to its peers. Once the market pioneer in wearables, the company has recently faced stiff competition from its peers and had earlier held responsible a shift among customers toward smartwatches and feature-rich devices for its revenue drop.
Ionic smartwatches will showcase GPS, water resistance up to 50 meters, heart rate tracking, Fitbit Pay, multiple clock faces, on-board music and a battery with lasting of over 4 days. The company reported that over the imminent months, they expect to add eligible American Express cards, Mastercard and Visa debit and credit cards from top issuing banks in more than 10 markets across the world. The latest watch also exhibits a new sensor technology, relative SpO2 sensor, for projecting oxygen levels in the blood that possess the potential to track sleep apnea. Ionic is priced at $299.95 versus Apple Watch’s starting rate of $269.
Wedbush Securities analyst Alicia Reese expressed that Fitbit can gain some market share by appealing to those customers who are increasingly focused on fitness. However, they don’t anticipate this to be a notable part of Apple’s overall smartwatch sales. Ionic pre-sales have started on Fitbit’s website and at some web retailers. The company has also introduced Flyer wireless headphones and Aria 2 smart scale. Fitbit’s new smartwatch has received positive feedback from market experts.
In the last trading session, the stock price of Fitbit jumped more than 6% to close the day at $6.65. The gains came at a share volume of 10.85 million compared to average share volume of 7.95 million. After the recent gains, the market cap of firm was noted at $1.55 billion. The 52-week range of stock stands at $4.90 – $17.18