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Detwiler Fenton reported Fitbit Inc (NYSE: FIT) is caught in headwinds as competitive brands become smarter and cheaper.
Fitbit came onto the public scene on June 18, 2015, and seemed to corner the market of fitness brands. But Detwiler Fenton notes that even though the company has "gained share of overall Fitness bands, if you include Smart Watches that also have the same fitness functions then the picture tightens."
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In addition to Apple Inc. (NASDAQ: AAPL)'s Apple Watch, Samsung and other peers are entering the space that used to be solely Fitbit's. Apple holds an "iconic segment no matter if one considers its Watch a success or not, it present a boulder in the way of FIT," the analyst noted. Apple Watch has additional features that add value for consumers to buy the Watch rather than Fitbit.
"At the same price, function will generally win" the analyst said.
Fitbit is being "squeezed" from "cheaper competition from beneath and increasingly more technical outpacing from evolving Smart Watch competitors." As the markets merge, Fitbit's exclusive hold on the Fitness Bands will wane considerably.
Shares closed Tuesday at $14.17.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.