Is Fitbit gearing up for healthy returns? Wedbush Securities thinks so.

The firm initiating coverage of the fitness wearables company as outperform with an $18 price target.

During trade on Thursday, shares of Fitbit were on pace for their best day in 3-weeks, but still down 50-percent year-to-date.

The "Halftime Report" experts discussed if this trade is fit or failing.

Fitbit is a fad, according to Steve Weiss. "It is commoditized. The Fitbit Blade was a dud, and you want to be a seller here," Weiss argued.

Competition is building in the space, says Pete Najarian. "Near-term, I would be a holder," he said.

Jon Najarian likes the product and the stock. "I like Fitbit, and I love the product. The market has exhausted the sellers here, and it maybe be trying to make a leg up here," he added.

—By CNBC Producer Bree Kelly. Follow her on Twitter @Bree_Kelly