Fitbit, Inc. (NYSE:FIT) was downgraded by research analysts at Vetr from a “strong-buy” rating to a “hold” rating in a report issued on Thursday. They presently have a $6.72 price target on the scientific and technical instruments company’s stock. Vetr‘s price target indicates a potential upside of 6.84% from the company’s current price.

Several other research firms have also recently issued reports on FIT. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.50 price objective for the company in a report on Tuesday, August 29th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $8.00 price objective on shares of Fitbit in a report on Tuesday, August 29th. Deutsche Bank AG reiterated a “hold” rating and issued a $5.50 price objective on shares of Fitbit in a report on Wednesday, August 9th. Robert W. Baird reiterated a “neutral” rating and issued a $6.00 price objective on shares of Fitbit in a report on Tuesday. Finally, Longbow Research reiterated a “hold” rating on shares of Fitbit in a report on Thursday, August 3rd. Six research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $7.97.

Fitbit (NYSE:FIT) traded down 3.08% during midday trading on Thursday, hitting $6.29. 10,496,752 shares of the stock were exchanged. The firm’s 50-day moving average is $5.63 and its 200 day moving average is $5.63. The stock’s market cap is $1.47 billion. Fitbit has a 52 week low of $4.90 and a 52 week high of $17.18.

Fitbit (NYSE:FIT) last posted its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.07. The business had revenue of $353.30 million during the quarter, compared to analysts’ expectations of $341.24 million. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. The business’s revenue was down 39.8% on a year-over-year basis. During the same period last year, the firm posted $0.12 earnings per share. Equities research analysts expect that Fitbit will post ($0.31) EPS for the current fiscal year.

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In other Fitbit news, Director Jon Callaghan sold 15,000 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $5.31, for a total value of $79,650.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andy Missan sold 5,000 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was 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 owns 80,332 shares of the company’s stock, valued at approximately $456,285.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 555,000 shares of company stock valued at $3,167,450. 29.10% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in FIT. DnB Asset Management AS lifted its position in Fitbit by 57.8% in the 2nd quarter. DnB Asset Management AS now owns 16,352,508 shares of the scientific and technical instruments company’s stock worth $86,832,000 after buying an additional 5,989,005 shares in the last quarter. Renaissance Technologies LLC lifted its position in Fitbit by 193.6% in the 2nd quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock worth $25,178,000 after buying an additional 3,126,706 shares in the last quarter. Gluskin Sheff & Assoc Inc. purchased a new stake in Fitbit in the 1st quarter worth approximately $14,361,000. Vanguard Group Inc. lifted its position in Fitbit by 13.9% in the 2nd quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock worth $68,012,000 after buying an additional 1,567,672 shares in the last quarter. Finally, State Street Corp lifted its position in Fitbit by 68.0% in the 2nd quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock worth $17,686,000 after buying an additional 1,348,058 shares in the last quarter. Institutional investors own 56.04% of the company’s stock.

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.

Analyst Recommendations for Fitbit (NYSE:FIT)

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