Fitbit Inc. (FIT) Upgraded to Strong-Buy at Vetr Inc.
Fitbit Inc. (NYSE:FIT) was upgraded by research analysts at Vetr from a “buy” rating to a “strong-buy” rating in a note issued to investors on Monday. The firm currently has a $19.15 target price on the stock. Vetr‘s target price would indicate a potential upside of 36.40% from the stock’s previous close.
Several other brokerages have also issued reports on FIT. Zacks Investment Research lowered Fitbit from a “hold” rating to a “sell” rating in a research note on Tuesday, July 12th. Citigroup Inc. set a $20.00 price target on Fitbit and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Leerink Swann decreased their price target on Fitbit from $18.00 to $16.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 3rd. Mizuho set a $20.00 price target on Fitbit and gave the company a “buy” rating in a research note on Thursday, September 29th. Finally, Longbow Research set a $20.00 price target on Fitbit and gave the company a “buy” rating in a research note on Tuesday, August 23rd. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $22.11.
Fitbit (NYSE:FIT) traded down 3.90% during trading on Monday, reaching $14.04. The company’s stock had a trading volume of 10,246,128 shares. The stock has a market cap of $3.12 billion, a P/E ratio of 29.62 and a beta of 3.29. Fitbit has a 1-year low of $11.65 and a 1-year high of $41.97. The company’s 50 day moving average price is $15.25 and its 200-day moving average price is $14.67.
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Fitbit (NYSE:FIT) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.01. Fitbit had a return on equity of 14.55% and a net margin of 5.76%. The company had revenue of $586.50 million for the quarter, compared to analyst estimates of $578.48 million. During the same quarter last year, the company posted $0.21 EPS. The company’s revenue for the quarter was up 46.5% compared to the same quarter last year. Equities analysts forecast that Fitbit will post $1.18 earnings per share for the current fiscal year.
In other news, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $15.44, for a total value of $231,600.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven Joseph Murray sold 848,088 shares of the business’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $15.14, for a total value of $12,840,052.32. The disclosure for this sale can be found here. 37.29% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Fitbit by 22.8% in the second quarter. Vanguard Group Inc. now owns 8,371,908 shares of the company’s stock worth $102,305,000 after buying an additional 1,556,199 shares in the last quarter. BlackRock Advisors LLC raised its stake in shares of Fitbit by 1.2% in the second quarter. BlackRock Advisors LLC now owns 2,780,488 shares of the company’s stock worth $33,978,000 after buying an additional 33,971 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Fitbit by 73.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,755,321 shares of the company’s stock worth $33,670,000 after buying an additional 1,163,567 shares during the last quarter. Coatue Management LLC raised its stake in shares of Fitbit by 85.2% in the second quarter. Coatue Management LLC now owns 2,501,722 shares of the company’s stock worth $30,571,000 after buying an additional 1,151,155 shares during the last quarter. Finally, Bloom Tree Partners LLC purchased a new stake in shares of Fitbit during the first quarter worth approximately $29,552,000. 55.41% of the stock is currently owned by institutional investors.
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.
To view Vetr’s full report, visit Vetr’s official website.
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