Fitbit Inc. (FIT) Trading Down 3.7% Following Insider Selling
Fitbit Inc. (NYSE:FIT) shares dropped 3.7% during trading on Friday after an insider sold shares in the company. The company traded as low as $14.01 and last traded at $14.07, with a volume of 7,504,375 shares trading hands. The stock had previously closed at $14.61.
Specifically, major shareholder Philip Douglas Black sold 50,000 shares of Fitbit stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $15.62, for a total value of $781,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven Joseph Murray sold 848,088 shares of Fitbit stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $15.14, for a total transaction of $12,840,052.32. The disclosure for this sale can be found here. Company insiders own 37.29% of the company’s stock.
A number of brokerages have recently commented on FIT. Vetr cut shares of Fitbit from a “strong-buy” rating to a “buy” rating and set a $16.51 target price on the stock. in a report on Wednesday, August 3rd. Mizuho reaffirmed a “buy” rating and issued a $20.00 target price on shares of Fitbit in a report on Wednesday, August 3rd. Pacific Crest reaffirmed a “hold” rating on shares of Fitbit in a report on Wednesday, June 22nd. Morgan Stanley reaffirmed an “overweight” rating and issued a $31.00 target price on shares of Fitbit in a report on Wednesday, August 31st. Finally, Zacks Investment Research cut shares of Fitbit from a “hold” rating to a “sell” rating in a report on Tuesday, July 12th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Fitbit presently has an average rating of “Hold” and an average target price of $22.11.
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The company has a market capitalization of $3.13 billion, a P/E ratio of 29.70 and a beta of 3.29. The company’s 50-day moving average price is $15.27 and its 200-day moving average price is $14.68.
Fitbit (NYSE:FIT) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. The company had revenue of $586.50 million for the quarter, compared to analyst estimates of $578.48 million. Fitbit had a return on equity of 14.55% and a net margin of 5.76%. The company’s quarterly revenue was up 46.5% compared to the same quarter last year. During the same period last year, the company earned $0.21 earnings per share. On average, analysts forecast that Fitbit Inc. will post $1.18 earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rathbone Brothers plc boosted its position in shares of Fitbit by 6.1% in the second quarter. Rathbone Brothers plc now owns 14,850 shares of the company’s stock valued at $181,000 after buying an additional 850 shares in the last quarter. 1832 Asset Management L.P. boosted its position in shares of Fitbit by 7.6% in the second quarter. 1832 Asset Management L.P. now owns 17,000 shares of the company’s stock valued at $208,000 after buying an additional 1,200 shares in the last quarter. Diligent Investors LLC boosted its position in shares of Fitbit by 6.5% in the second quarter. Diligent Investors LLC now owns 35,718 shares of the company’s stock valued at $436,000 after buying an additional 2,190 shares in the last quarter. IFC Holdings Incorporated FL boosted its position in shares of Fitbit by 25.4% in the second quarter. IFC Holdings Incorporated FL now owns 13,399 shares of the company’s stock valued at $157,000 after buying an additional 2,710 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Fitbit by 71.1% in the second quarter. Legal & General Group Plc now owns 10,967 shares of the company’s stock valued at $134,000 after buying an additional 4,558 shares in the last quarter. 55.41% of the stock is owned by institutional investors and hedge funds.
Fitbit Company Profile
Fitbit, Inc is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts.
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