Fitbit Inc. (FIT) Receives Average Recommendation of “Hold” from Analysts
Fitbit Inc. (NYSE:FIT) has received an average recommendation of “Hold” from the twenty-six research firms that are currently covering the firm. Two analysts have rated the stock with a sell recommendation, eleven have given a hold recommendation, twelve have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $21.78.
Several brokerages recently commented on FIT. TheStreet upgraded shares of Fitbit from a “sell” rating to a “hold” rating in a report on Thursday, September 22nd. Morgan Stanley restated an “overweight” rating and set a $31.00 target price on shares of Fitbit in a report on Wednesday, August 31st. Longbow Research upgraded shares of Fitbit to a “buy” rating and set a $20.00 price target for the company in a research note on Monday, September 19th. Vetr upgraded shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $19.15 price target for the company in a research note on Monday, October 3rd. Finally, Leerink Swann reiterated a “market perform” rating and issued a $16.00 price target on shares of Fitbit in a research note on Tuesday, August 30th.
In other news, EVP Andy Missan sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 6th. The shares were sold at an average price of $14.60, for a total value of $146,000.00. Following the sale, the executive vice president now directly owns 45,000 shares in the company, valued at approximately $657,000. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $14.84, for a total transaction of $222,600.00. The disclosure for this sale can be found here. Company insiders own 37.29% of the company’s stock.
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Several large investors have recently bought and sold shares of FIT. Bloom Tree Partners LLC bought a new stake in Fitbit during the first quarter worth $29,552,000. Vanguard Group Inc. increased its stake in 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 during the last quarter. Glenmede Trust Co. NA bought a new stake in Fitbit during the second quarter worth $16,733,000. FIL Ltd bought a new stake in Fitbit during the second quarter worth $14,647,000. Finally, BlackRock Institutional Trust Company N.A. increased its stake in 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. Institutional investors own 55.41% of the company’s stock.
Shares of Fitbit (NYSE:FIT) traded down 0.30% on Wednesday, reaching $13.45. 4,095,897 shares of the company traded hands. The stock has a 50 day moving average of $15.21 and a 200 day moving average of $14.65. Fitbit has a 52-week low of $11.65 and a 52-week high of $41.97. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of 28.38 and a beta of 3.29.
Fitbit (NYSE:FIT) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.01. The company earned $586.50 million during the quarter, compared to analysts’ expectations of $578.48 million. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The business’s quarterly revenue was up 46.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.21 earnings per share. On average, analysts expect that Fitbit will post $1.18 earnings per share for the current year.
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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