Fitbit stock shoots up after topping app charts on Christmas

Fitbit, the popular fitness tracking app, is believed to have leapfrogged 20 places to top Apple's app store's charts in the health and fitness category on Christmas morning. It is currently reported to be #2 on the free app's chart and #1 in the health and fitness category. With its rise in both app downloads as well as stocks, it is believed that a huge number of people got Fitbit as their Christmas present this year.

Pacific Crest Security estimated Fitbit's holiday sales to be "exploding" last week. A spokesperson for the company claimed: "Our latest checks indicated a substantial increase in sales volumes versus a month ago, with days of inventory back down below ten days and sell-through run rates having doubled month over month."

Business Insider reported that the company's stock shot up by almost 5%. Fitbit is believed to be leading the wearables market this year with a 22% market share. In the past few months, competition between Apple Watch and Fitbit has been fierce. According to an International Data Corporation report, in August Apple shipped 3.6 million units of Apple Watch in its second quarter while Fitbit's shipments totalled 4.4 million units.

Last year alone, Fitbit sold 5.28 million trackers, more than the combined sales of the first three quarters of 2014. Fitbit Chief Financial Officer William Zerella said the company currently has devices in 48,000 stores across the globe, 35,000 of which are in the US alone. Commenting on the service that the company provides and how it differs from other wearable tech devices, Zerella said: "We think we target a different customer than someone who is really looking for a general purpose smartwatch." Fitbit's primary offers this year include the Fitbit Surge, Charge and Flex.

Fitbit's sales seem to be reflective of the season's holiday shopping trend. According to a report by MasterCard SpendingPlus, there has been an increase of 7.9% in holiday spending, compared with last year's Christmas shopping rates. This is believed to be a direct result of a rise in online shopping trends. In general, 2015 is reported to have seen a 20% rise in online shopping.