Jim Cramer Is Watching Fitbit Earnings: Is it the Next GoPro?

Jim Cramer will be watching Fitbit (FIT) on Wednesday, August 5th as the company reports earnings for its first quarter since becoming a publicly listed company. Cramer says that he will be watching the newly minted Fitbit stock because ‘this stock has been a monster since it came public.’ Fitbit priced its public offering at $20 but started trading on the New York Stock Exchange at $30.40 on June 18th of this year. As of the open on Tuesday August 4th, the San Francisco-based company had reached $50.00. ‘At $50.00, we get a little dicey on it,’ Cramer said, ‘because that’s when it starts being valued at the GoPro (GPRO) valuation.’ After its June IPO in 2014, shares of GoPro went from opening to the public at $35 to going as high as roughly $87 dollars within four months. Shares of GoPro then went on to lose almost all of these gains over the following four months and has only recently started showing somewhat consistent upward momentum. Despite the comparison, Cramer seems to be optimistic for Fitbit coming into its first earnings release.