Penny Stock Fitbit (FIT) Has Been A Fan Favorite; Alphabet Bought Them!
We try to find new trends with certain penny stocks on a daily basis. Sometimes the stocks we find can run for days or even weeks. But other things can happen too. What are these other things? Buyouts. It’s not just retail investors who look at potentially “undervalued” companies to invest in. Large firms do as well.
Typically we see this in the biotechnology sector. Big buyouts can be in the hundreds of millions and even billions. But one company that has been a fan-favorite on PennyStocks.com for months has been Fitbit (FIT Stock Report).
Anyone reading the site has likely seen at least a few articles talking about the company. It’s had a rough few quarters but since August, FIT stock has been a key focus for tech investors. Apparently it has been a focus for big tech companies as well.
Alphabet Found A Penny Stock To Buy
You can’t argue the fact that by definition, Fitbit has been a penny stock ever since May. Thanks to questionable earnings and troubles with retail, investor sentiment declined for the first half of the year. Despite this being the case, Fitbit stock has been one of the most popular penny stocks on Robinhood since we began including it as a monthly feature.
Fitbit (FIT): Most Popular Penny Stocks On Robinhood
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It has also been covered in countless articles over the last few months as well. Even up until yesterday we were still asking if Fitbit is a penny stock to buy or sell. Regardless, the big news today focuses on the monster deal that Google (GOOG Stock Report) inked with the active technology company.
Google LLC will pick up this former penny stock for $7.35 per share in cash. This puts the deal value north of $2 billion. In response to this, James Park, co-founder and CEO of Fitbit said, “More than 12 years ago, we set an audacious company vision – to make everyone in the world healthier. Today, I’m incredibly proud of what we’ve achieved towards reaching that goal…Google is an ideal partner to advance our mission. With Google’s resources and global platform, Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone. I could not be more excited for what lies ahead.”
What’s Next For Fitbit?
As far as the future is concerned, assuming the deal goes through without a hitch, it could become Gooogle’s answer to rival Apple and its watch. Fitbit has focused more on biometric technology after tapping most of what it could from general health features.
“We’re looking forward to working with the incredible talent at Fitbit, and bringing together the best hardware, software and AI, to build wearables to help even more people around the world.”Rick Osterloh, Senior Vice President, Devices & Services at Google
The transaction is expected to close in 2020, subject to customary closing conditions, including approval by Fitbit’s stockholders and regulatory approvals. Given this, it’s important to stay grounded. We caught winds of the rumors earlier this week and noted that rumors are just that. At the same time, as we also say, it’s important to understand all aspects of what may be impacting a penny stock’s share price. Cautious optimism was something discussed.
In these cases, some investors will keep close stop-loss orders just in case the rumors are found to be untrue. Needless to say, our readers have been constantly updated on Fitbit stock since August and we’re happy to be able to have done so. If you’re reading this for the first time, welcome to PennyStocks.com. Our mission is to cover today’s top trends in small and micro-cap markets.
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