Image source: Fitbit.

What: Shares of Fitbit Inc. (NYSE:FIT) jumped 11.8% in July, according to data from S&P Global Market Intelligence, as investors started to see a little more growth in the future.

So what: Growth has been slowing for three straight quarters at Fitbit, which has made investors question the staying power of the company. But the company is expected to introduce new products ahead of the holidays, which could lead to a bounce in sales in the back half of the year.  

Analyst Andrew Uerkwitz at Oppenheimer was especially bullish on Fitbit in July, reiterating an outperform call and putting a $25 price target on the stock. He also said the market "severely undervalue[d] its earnings growth potential." If new products are a hit, that call could be right.

Now what: There's been a lot of concern that tech giants such as Apple and Samsung would tear a smaller company like Fitbit apart, but that doesn't appear to be the case right now. In fact, watches and activity trackers don't seem to be a winner-take-all kind of market, like mobile operating systems are. Customers are using a variety of devices that are compatible with different mobile devices, leaving plenty of room for Fitbit. And with shares trading at 23 times trailing earnings, the stock isn't terribly expensive for investors today, given that smart watches and activity trackers still aren't a standard device for most consumers.