Why I Love Fitbit
Wall Street hates it, and so do short-sellers, but I love Fitbit (NYSE: FIT) stock at current levels.
At just over $6 a share, not only is the stock cheap compared to its historical levels -- the 52-week range has bounced between $4.90 and $17.18 as of this writing -- but it's also trading with a huge anchor. According to Yahoo! Finance, over 26% of the Fitbit shares available to trade (i.e., the "float") are sold short. Bearish investors are overwhelmingly betting against the stock. Here are three reasons I think they're wrong.
Fitbit is squeezing its way into a crowded market of health and fitness apps.
Source: Fool.com
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