Fitbug continues journey into stratosphere
Nov 19, 2014 at 12:37 pm in AIM by contrarianuk
Back in late October I wrote a piece about health and fitness accessory company, Fitbug Holdings (FITB) and its remarkable climb from 0.4p to as high as 7.5p as it announced distribution deals with Sainsbury and Target for its Fitbug wearable fitness devices (accompanied by a 1329% rise since September 2014). See ‘Fitbug Holdings – over 1000% rise in the last month’
After a retrace to less than 4p after this climb, the shares hit an even more spectacular 26p earlier this morning (30% up at the time for the day) after climbing sharply all week on news of a deal announced with Samsung to include the company’s KiQplan digital coaching product on its Digital Health platform. It is now trading off its highs at 20p after retracing as low as 17p on profit taking . The shares are now up 243% for the week and 5466% for the month! Quite a multi-bagger for those buying in at the lows and a considerable profit for those in to the shares a week or two ago. In fact an astounding profit!!
On November 7th, FITB launched the “KiQplan”TM digital health coaching platform and the shares have been on a run ever since. KiQplans provide structured action plans to help people get fitter and healthier lives by providing personal targets, feedback and advice, plus the encouragement needed to achieve specific goals.
On November 14th things really started motoring when the company announced the Samsung deal for KiQplan which meant that besides the integration of the existing range of Kiqplan applications in the Samsung Digital Health Platform (Slim & Trim, Beer Belly Blaster, Healthy Baby Bump and Goodbye Baby Bump), Fitbug will create an exclusive 12 week Kiqplan, named “Fit + Healthy”, which will be available for download by Samsung customers, free of charge.
Fitbug now has a market cap of £33 million at 20p and shareholders hanging on for more gains will be hoping for more distribution deals or news on its legal action with US based Fitbit which it is taking to court early in 2015. The Christmas sales of its Fitbug device will be interesting to see over the Christmas period. You don’t see many rises like this in AIM these days and its been incredible to watch the share though unfortunately I haven’t participated in the climb. After all the bad news in AIM its refreshing to see a share moving up sharply rather than down – hot air or substance? Time will tell but the company is operating in a very hot tech space at the moment that’s for sure.
Contrarian Investor UK
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