Fitbit, Inc. (NYSE:FIT) was downgraded by research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research note issued on Thursday.

FIT has been the subject of several other reports. 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. Vetr downgraded shares of Fitbit from a “buy” rating to a “sell” rating and set a $4.83 target price for the company. in a research note on Wednesday. Longbow Research reiterated a “hold” rating on shares of Fitbit in a research note on Saturday, May 27th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $8.00 price objective on shares of Fitbit in a research note on Thursday, May 4th. Finally, Deutsche Bank AG reduced their price objective on shares of Fitbit from $6.50 to $6.00 and set a “hold” rating on the stock in a research note on Monday, May 15th. Seven equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the company’s stock. Fitbit presently has a consensus rating of “Hold” and a consensus price target of $8.25.

Shares of Fitbit (NYSE FIT) traded up 1.41% during midday trading on Thursday, hitting $5.77. 4,713,238 shares of the stock were exchanged. Fitbit has a 12-month low of $4.90 and a 12-month high of $17.18. The firm has a 50 day moving average of $5.37 and a 200 day moving average of $6.10. The firm’s market cap is $1.07 billion.

Fitbit (NYSE:FIT) last announced its earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.10. The business had revenue of $298.94 million during the quarter, compared to the consensus estimate of $277.48 million. Fitbit had a negative net margin of 8.86% and a negative return on equity of 14.57%. Equities analysts forecast that Fitbit will post ($0.35) EPS for the current fiscal year.

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In other news, EVP Andy Missan sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $5.57, for a total transaction of $55,700.00. Following the completion of the transaction, the executive vice president now owns 62,702 shares in the company, valued at approximately $349,250.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $5.31, for a total transaction of $79,650.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 525,000 shares of company stock valued at $2,800,350. Insiders own 29.10% of the company’s stock.

Several institutional investors have recently bought and sold shares of FIT. Janus Capital Management LLC acquired a new position in Fitbit during the fourth quarter valued at $104,000. Allianz Asset Management AG acquired a new position in Fitbit during the fourth quarter valued at $146,000. Kissinger Financial Services LLC acquired a new position in Fitbit during the second quarter valued at $153,000. Croft Leominster Inc. acquired a new position in Fitbit during the first quarter valued at $166,000. Finally, HighTower Advisors LLC acquired a new position in Fitbit during the first quarter valued at $185,000. Institutional investors own 52.65% of the company’s stock.

About Fitbit

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 ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Fitbit (NYSE:FIT)

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