Why Fitbit Stock Popped Today
Shares of Fitbit (NYSE: FIT) climbed as much as 23% on Friday before closing up 11.9% after Reuters reported that the maker of wearable fitness devices is considering a sale.
Citing "people familiar with the matter," Reuters says Fitbit has held discussions with investment bank Qatalyst Partners to determine "whether it should engage with potential acquirers." The sources also noted Qatalyst has tried to persuade Fitbit to "explore its options for several weeks," listing Google parent Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) and private equity firms among its prospective suitors.
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Source Fool.com
