According to Uerkwitz, Fitbit's revenue and overall performance in the quarter was mostly in-line with expectations. Moreover, the company's hardware unit was a mixed bag as the Flex 2 is still plagued with high inventory levels but new product introductions are on track to be released.

3 Encouraging Signs

Looking forward, Uerkwitz stated that he is "encouraged" by Fitbit's progress in three key areas that are vital to its growth, including: 1) simplification of its product portfolio, 2) a focus on "feature-rich" devices, and 3) a clear digital health strategy.

Bottom line, the analyst further noted that Fitbit's reiteration of its yearly guidance bodes well for its strategy and the stock's outlook. But Uerkwitz did acknowledge that Fitbit's positive quarter "doesn't make amends" but it is nevertheless a "good start."

At time of publication, shares of Fitbit were up 11.97 percent at $6.36.