Mon. Oct 14th, 2019

Fitbit shares soar more than 15% on reports it is exploring a sale

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Fitbit Inc.

FIT, +21.39%

shares soared more than 15% Friday, after reports that the company has hired an investment firm to explore a possible sale. The wearables company has hired Qatalyst Partners, according to CNBC, citing a person familiar with the matter. A deal is not imminent and may not happen, said the report. Retuers first reported news of a potential deal. Fitbit shares have fallen 14.5% in 2019, while the S&P 500

SPX, -0.24%

has gained 20%.

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