NEW YORK, NY / ACCESSWIRE / June 12, 2018 / Fitbit shares blasted off on Monday to a new high after announcing the availability of its new Ace wearable fitness tracker for kids and after Citron Research gave the stock a $15 price target. Shares of Apple were trading fairly flat but rumors surfaced that the company may introduce a new smartwatch that uses haptic feedback. It was also reported that Apple has banned cryptocurrency mining from its iOS and Mac App Stores.
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Fitbit, Inc. shares were up 14.65% by the close of the trading day on Monday. The stock catapulted to a new high of $7.59 after the wearable device company announced the global availability of its new Ace wearable fitness tracker for kids. Citron Research has also said that Fitbit shares should more than double in the near future and gave the stock a $15 price target. Compared to last Friday’s closing price, this would be a upside of over 130%. Citron wrote in a report, “What was once a piñata for short sellers (since IPO) has transformed itself to one of the most underappreciated med-tech stories in the market with a balance sheet and brand equity that gives investors a tremendous investing opportunity.” It was at the beginning of May that Fitbit announced a partnership with Google, where the former will use the latter’s Cloud Healthcare API. This is a new set of tools that were introduced in early March that provides open standards for data sharing in the healthcare sector. Citron had also said in its report, “Beyond their partnership, Google will likely integrate the Fitbit data and become the default platform for every non-Apple Watch wearable.”
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Apple Inc. shares closed down a modest 0.25% yesterday on about 16.6 million shares traded. A new report has surfaced claiming that the iWatch maker may introduce a smartwatch that will not have physical clicking buttons according to BGR. The version of the watch will use haptic feedback with the button and crown on the device sending out slight vibrations when touched. According to the report, the digital crown will still rotate. A bigger display has also been noted and the expected possible release would be in 2019. In other news, AppleInsider has revealed that the tech giant has banned cryptocurrency mining from its iOS and Mac App Stores. In a reportedly updated App Store Review Guidelines, under Hardware Compatibility, Apple now states, “Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.”
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