-$0.03 EPS Expected for Fitbit, Inc. (FIT) This Quarter
Analysts expect Fitbit, Inc. (NYSE:FIT) to announce ($0.03) earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Fitbit’s earnings, with estimates ranging from ($0.05) to ($0.02). Fitbit posted earnings of $0.19 per share in the same quarter last year, which suggests a negative year over year growth rate of 115.8%. The company is scheduled to report its next earnings report on Wednesday, November 1st.
On average, analysts expect that Fitbit will report full year earnings of ($0.31) per share for the current year, with EPS estimates ranging from ($0.37) to ($0.25). For the next fiscal year, analysts anticipate that the company will report earnings of ($0.16) per share, with EPS estimates ranging from ($0.28) to $0.02. Zacks’ earnings per share calculations are an average based on a survey of sell-side research firms that cover Fitbit.
Fitbit (NYSE:FIT) last announced its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.07. Fitbit had a negative return on equity of 20.67% and a negative net margin of 13.79%. The company had revenue of $353.30 million for the quarter, compared to analysts’ expectations of $341.24 million. During the same quarter in the prior year, the firm earned $0.12 earnings per share. Fitbit’s revenue was down 39.8% compared to the same quarter last year.
Several research firms recently weighed in on FIT. Vetr downgraded shares of Fitbit from a “strong-buy” rating to a “hold” rating and set a $6.72 target price for the company. in a report on Thursday. Zacks Investment Research downgraded shares of Fitbit from a “buy” rating to a “hold” rating in a report on Wednesday. Robert W. Baird restated a “neutral” rating and issued a $6.00 price target on shares of Fitbit in a research note on Tuesday. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $8.00 price target on shares of Fitbit in a research note on Tuesday, August 29th. Finally, BidaskClub upgraded shares of Fitbit from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Six analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $7.97.
Shares of Fitbit (FIT) opened at 6.29 on Friday. Fitbit has a 12-month low of $4.90 and a 12-month high of $17.18. The stock’s market cap is $1.47 billion. The firm’s 50-day moving average price is $5.63 and its 200-day moving average price is $5.63.
In other news, Director Jon Callaghan sold 15,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $5.09, for a total value of $76,350.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andy Missan sold 5,000 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $5.68, for a total transaction of $28,400.00. Following the completion of the sale, the executive vice president now directly owns 80,332 shares of the company’s stock, valued at $456,285.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 555,000 shares of company stock valued at $3,167,450. 29.10% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in FIT. DnB Asset Management AS raised its holdings in shares of Fitbit by 57.8% in the second quarter. DnB Asset Management AS now owns 16,352,508 shares of the scientific and technical instruments company’s stock valued at $86,832,000 after buying an additional 5,989,005 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Fitbit by 193.6% in the second quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock valued at $25,178,000 after buying an additional 3,126,706 shares during the last quarter. Gluskin Sheff & Assoc Inc. purchased a new stake in shares of Fitbit in the first quarter valued at about $14,361,000. Vanguard Group Inc. raised its holdings in shares of Fitbit by 13.9% in the second quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock valued at $68,012,000 after buying an additional 1,567,672 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of Fitbit by 68.0% in the second quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock valued at $17,686,000 after buying an additional 1,348,058 shares during the last quarter. 56.04% of the stock is owned by institutional investors and hedge funds.
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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.
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