Fitbit’s (FIT) “Hold” Rating Reiterated at Stifel Nicolaus
Fitbit, Inc. (NYSE:FIT)‘s stock had its “hold” rating restated by research analysts at Stifel Nicolaus in a research note issued to investors on Thursday. They presently have a $6.00 target price on the scientific and technical instruments company’s stock. Stifel Nicolaus’ target price would suggest a potential downside of 9.77% from the company’s current price.
FIT has been the subject of several other reports. Vetr raised Fitbit from a “buy” rating to a “strong-buy” rating and set a $5.79 target price for the company in a research report on Wednesday, August 2nd. Cowen and Company set a $6.00 target price on Fitbit and gave the company a “hold” rating in a research report on Thursday, August 3rd. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $8.00 target price on shares of Fitbit in a research report on Monday, June 26th. Morgan Stanley dropped their target price on Fitbit from $7.00 to $6.50 and set an “equal weight” rating for the company in a research report on Monday, July 31st. Finally, Zacks Investment Research raised Fitbit from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a research report on Tuesday, August 8th. Six equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $7.99.
Fitbit (FIT) traded up 2.71% during mid-day trading on Thursday, reaching $6.83. 6,814,183 shares of the company were exchanged. Fitbit has a 1-year low of $5.62 and a 1-year high of $17.18. The stock’s 50-day moving average price is $6.26 and its 200-day moving average price is $6.22. The stock’s market capitalization is $1.59 billion.
Fitbit (NYSE:FIT) last issued 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 analysts’ consensus estimates of ($0.15) by $0.07. The firm had revenue of $353.30 million during the quarter, compared to the consensus estimate of $341.24 million. Fitbit had a negative return on equity of 20.67% and a negative net margin of 13.79%. The company’s quarterly revenue was down 39.8% on a year-over-year basis. During the same period last year, the company earned $0.12 EPS. On average, equities research analysts anticipate that Fitbit will post ($0.31) EPS for the current fiscal year.
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In other news, EVP Andy Missan sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $5.91, for a total value of $29,550.00. Following the transaction, the executive vice president now owns 71,419 shares of the company’s stock, valued at $422,086.29. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven Joseph Murray sold 500,000 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $5.73, for a total value of $2,865,000.00. Following the completion of the transaction, the director now directly owns 11,442 shares in the company, valued at approximately $65,562.66. The disclosure for this sale can be found here. In the last three months, insiders sold 555,000 shares of company stock worth $3,167,450. Corporate insiders own 29.10% of the company’s stock.
A number of hedge funds have recently made changes to their positions in FIT. DnB Asset Management AS grew its holdings in Fitbit by 57.8% during the second 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 acquiring an additional 5,989,005 shares during the period. Renaissance Technologies LLC grew its holdings in Fitbit by 193.6% during the second quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock worth $25,178,000 after acquiring an additional 3,126,706 shares during the period. Gluskin Sheff & Assoc Inc. acquired a new position in Fitbit during the first quarter worth $14,361,000. Vanguard Group Inc. grew its holdings in Fitbit by 13.9% during the second quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock worth $68,012,000 after acquiring an additional 1,567,672 shares during the period. Finally, State Street Corp grew its holdings in Fitbit by 68.0% during the second quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock worth $17,686,000 after acquiring an additional 1,348,058 shares during the period. 56.04% of the stock is currently owned by hedge funds and other institutional investors.
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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