Fitbit Inc (NYSE:FIT) was the target of a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 35,802,396 shares, a drop of 8.3% from the April 28th total of 39,058,314 shares. Approximately 22.5% of the company’s stock are short sold. Based on an average daily volume of 11,301,498 shares, the short-interest ratio is currently 3.2 days.

In other Fitbit news, EVP Timothy M. Roberts sold 369,385 shares of the firm’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $6.01, for a total transaction of $2,220,003.85. Following the transaction, the executive vice president now owns 369,385 shares of the company’s stock, valued at approximately $2,220,003.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven Joseph Murray sold 173,152 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $6.00, for a total transaction of $1,038,912.00. The disclosure for this sale can be found here. Insiders have sold a total of 592,537 shares of company stock worth $3,554,416 in the last three months. Insiders own 37.29% of the company’s stock.

Several large investors have recently modified their holdings of FIT. Foundry Group LLC acquired a new position in Fitbit during the fourth quarter valued at about $49,777,000. DnB Asset Management AS boosted its position in Fitbit by 81.2% in the first quarter. DnB Asset Management AS now owns 10,363,503 shares of the scientific and technical instruments company’s stock valued at $61,352,000 after buying an additional 4,644,977 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD acquired a new position in Fitbit during the first quarter valued at about $24,404,000. Amerigo Asset Management acquired a new position in Fitbit during the first quarter valued at about $13,983,000. Finally, Gluskin Sheff & Assoc Inc. acquired a new position in Fitbit during the first quarter valued at about $14,361,000. 65.31% of the stock is owned by hedge funds and other institutional investors.

Shares of Fitbit (NYSE:FIT) traded down 1.82% during midday trading on Thursday, reaching $5.39. 4,962,655 shares of the company traded hands. Fitbit has a 1-year low of $5.31 and a 1-year high of $17.18. The stock’s 50-day moving average is $5.74 and its 200-day moving average is $6.69. The stock’s market capitalization is $1.23 billion.

Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported ($0.15) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.25) by $0.10. Fitbit had a return on equity of 11.94% and a net margin of 4.67%. The firm had revenue of $298.94 million during the quarter, compared to the consensus estimate of $277.48 million. Equities analysts predict that Fitbit will post ($0.35) EPS for the current fiscal year.

A number of analysts have recently weighed in on FIT shares. SunTrust Banks, Inc. restated a “buy” rating and issued a $7.00 price target on shares of Fitbit in a report on Friday, April 14th. FBN Securities lowered their price target on shares of Fitbit from $15.00 to $9.00 and set an “outperform” rating on the stock in a report on Monday, January 30th. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $8.00 price target on shares of Fitbit in a report on Monday, February 27th. Longbow Research reiterated a “neutral” rating on shares of Fitbit in a research note on Tuesday, April 4th. Finally, Benchmark Co. initiated coverage on shares of Fitbit in a research note on Tuesday, April 25th. They issued a “buy” rating and a $10.00 target price for the company. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $10.21.

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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.

12 Month Chart for NYSE:FIT

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