Equities research analysts expect Fitbit, Inc. (NYSE:FIT) to announce $391.50 million in sales for the current fiscal quarter, Zacks reports. Seven analysts have issued estimates for Fitbit’s earnings. The highest sales estimate is $395.20 million and the lowest is $389.20 million. Fitbit reported sales of $503.80 million in the same quarter last year, which indicates a negative year over year growth rate of 22.3%. The business is expected to report its next quarterly earnings report on Wednesday, November 1st.

On average, analysts expect that Fitbit will report full-year sales of $391.50 million for the current financial year, with estimates ranging from $1.55 billion to $1.69 billion. For the next year, analysts anticipate that the company will report sales of $1.76 billion per share, with estimates ranging from $1.55 billion to $2.10 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Fitbit.

Fitbit (NYSE:FIT) last released its earnings results 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 company had revenue of $353.30 million during the quarter, compared to analyst estimates of $341.24 million. Fitbit had a negative return on equity of 20.67% and a negative net margin of 13.79%. Fitbit’s quarterly revenue was down 39.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share.

A number of equities analysts recently weighed in on FIT shares. Zacks Investment Research lowered shares of Fitbit from a “buy” rating to a “hold” rating in a report on Monday, August 28th. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $8.00 price objective on shares of Fitbit in a report on Tuesday, August 29th. ValuEngine upgraded shares of Fitbit from a “strong sell” rating to a “sell” rating in a report on Friday, June 2nd. Longbow Research restated a “hold” rating on shares of Fitbit in a report on Saturday, May 27th. Finally, Vetr upgraded shares of Fitbit from a “sell” rating to a “hold” rating and set a $5.55 price objective for the company in a report on Monday, July 17th. Six equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $7.97.

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In other news, Director Steven Joseph Murray sold 500,000 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $5.73, for a total transaction of $2,865,000.00. Following the completion of the sale, the director now owns 11,442 shares of the company’s stock, valued at approximately $65,562.66. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Andy Missan sold 5,000 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $5.68, for a total transaction of $28,400.00. Following the sale, the executive vice president now directly 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 three months, insiders have sold 555,000 shares of company stock valued at $3,167,450. Insiders own 29.10% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. bought a new position in Fitbit in the 2nd quarter worth $114,000. Amalgamated Bank boosted its holdings in Fitbit by 20.1% in the 2nd quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock worth $117,000 after buying an additional 3,698 shares during the period. Croft Leominster Inc. bought a new position in Fitbit in the 1st quarter worth $166,000. Kissinger Financial Services LLC bought a new position in Fitbit in the 2nd quarter worth $153,000. Finally, Capital Fund Management S.A. bought a new position in Fitbit in the 2nd quarter worth $157,000. 56.04% of the stock is owned by institutional investors.

Fitbit (NYSE FIT) traded up 1.27% during trading on Monday, hitting $6.37. The stock had a trading volume of 2,784,886 shares. Fitbit has a 1-year low of $4.90 and a 1-year high of $17.18. The stock’s 50-day moving average price is $5.63 and its 200-day moving average price is $5.63. The company’s market capitalization is $1.48 billion.

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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