Five Cheap Tech Stocks to Buy Now

Fitbit Inc (NYSE:FIT)

Fitbit Inc (NYSE:FIT) looks to be in trouble amid increasing competition in the wearables market and the stock has lost about 60% in value over the past year on those fears. But, the company says that its expansion into international markets and partnership with fitness and wellness programs will push its operating profits up. Some analysts think that Fitbit could become a target of a buyout in the near future as well, as its brand is quite famous internationally and the company has a solid user base of 23.2 million people, so there are some upside catalysts for the stock near-term. Philippe Laffont’s Coatue Management owns 8.26 million shares of Fitbit Inc (NYSE:FIT) as of the end of the final quarter of 2016. However, hedge fund ownership of the stock fell heavily in the fourth quarter, to 24 hedge funds owning the stock on December 31 compared to 35 owning a quarter earlier.

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