NEW YORK, NY / ACCESSWIRE / November 16, 2017 / Shares of Square closed in the green on Wednesday after announcing that the company would be exploring a testing of Bitcoin through its cash mobile payments app that allows users to buy and sell the cryptocurrency. Shares of Fitbit also closed in the green despite no remarkable news. The company reported dismal third-quarter results at the beginning of the month. After the third quarter report, the company's CEO James Park remarked, "We continue to execute on our transition plan by delivering on our financial guidance and product roadmap, positioning Fitbit on a path back to growth and profitability."

RDI Initiates Coverage on:

Fitbit, Inc.
http://www.rdinvesting.com/report/?ticker=FIT

Square, Inc.
http://www.rdinvesting.com/report/?ticker=SQ

Fitbit, Inc. shares closed up 2.17% yesterday on a little over 6 million shares traded. There was no significant news from the company, but a recent report revealed that global shipments of wearables has Apple in the lead with 23%. Fitbit's market share for the quarter was 21%, while Xiaomi was at 22%. The company has forecast revenues in the range of $570 million to $600 million for the fourth quarter of 2017. Analysts are expecting revenue of $578.1 million on average. For Fiscal 2017, the company has projected a non-GAAP gross margin of 42.5%?44% and non-GAAP EPS between -$0.27 and -$0.23. Revenues forecast for fiscal 2017 are in the range of $1.615 billion to $1.645 billion. Shares of Fitbit are down 78% in the last two years.

Access RDI's Fitbit, Inc. Research Report at:
http://www.rdinvesting.com/report/?ticker=FIT

Square, Inc. shares closed up 2.32% on nearly 21 million shares traded on Wednesday. It was an exciting day for the company after it announced that it will be testing support for cryptocurrency Bitcoin through its Cash payments app. The mobile payment company announced yesterday that the test will let customers buy and sell the digital currency within the app, but that it does not allow individuals or businesses to send or accept bitcoin. Jim Cramer said of the announcement that it could "be a very big development." A company spokesperson said, "We're always listening to our customers and we've found that they are interested in using the Cash app to buy bitcoin. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we're excited to learn more here." Bitcoin jumped as much 11% after Square made their announcement. Square shares jumped over 5% before retracing.

Access RDI's Square, Inc. Research Report at:
http://www.rdinvesting.com/report/?ticker=SQ

Our Actionable Research on Fitbit, Inc. (NYSE: FIT) and Square, Inc. (NYSE: SQ) can be downloaded free of charge at Research Driven Investing.

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