What happened

After soaring more than 30% on Monday following a reported acquisition offer by Google parent Alphabet (NASDAQ:GOOGL)(NASDAQ:GOOG), shares of Fitbit (NYSE:FIT) climbed another 7.3% Tuesday amid speculation over both the exact price of the offer and other prospective suitors for the wearable device specialist.

So what

For perspective, yesterday's pop came after Reuters first broke the news of Alphabet's bid, citing "people familiar with the matter." But the report also cautioned there's no guarantee a deal will be reached, noting "the exact price that Google has offered for Fitbit could not be learned."

Considering Fitbit didn't immediately confirm as much, this left investors to wonder whether the company was negotiating for an even juicier acquisition premium.

Woman drawing large yellow fish eating smaller yellow fish.

IMAGE SOURCE: GETTY IMAGES.

Ironically stoking the move was a note yesterday from Morgan Stanley analyst Katy Huberty, who reiterated her "underperform" rating on the stock with a $3.20-per-share price target, but simultaneously pointed out Fitbit "could possibly be attractive to a buyer" given its "valuable IP in wearables," existing partnerships with healthcare companies and providers, and its trove of data collected from its portfolio of wearable devices.

Now what

To be fair, this shouldn't be entirely surprising. When Reuters initially reported news of Google's interest last month, I argued that Fitbit might also make a good acquisition target for competitors in the space including Nike and Apple -- though if Fitbit had to choose, I still think Google represents the best strategic fit.

In any case, with Fitbit poised to release third-quarter results next week, I suspect it won't be long until we hear more about what Google -- or some other acquirer -- hopes to bring to the table.