Fitbit, Inc. (FIT) Raised to “Sell” at ValuEngine
Fitbit, Inc. (NYSE:FIT) was upgraded by analysts at ValuEngine from a “strong sell” rating to a “sell” rating in a note issued to investors on Friday.
A number of other research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Fitbit from a “buy” rating to a “hold” rating in a report on Monday, August 28th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $8.00 price target on shares of Fitbit in a report on Tuesday, August 29th. Vetr raised shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.56 price target for the company in a report on Monday, August 28th. Longbow Research reaffirmed a “hold” rating on shares of Fitbit in a report on Saturday, May 27th. Finally, Citigroup Inc. reaffirmed a “sell” rating and issued a $5.00 price target on shares of Fitbit in a report on Tuesday, June 6th. Six investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the stock. Fitbit presently has a consensus rating of “Hold” and an average target price of $7.99.
Shares of Fitbit (NYSE:FIT) traded down 4.22% during midday trading on Friday, reaching $6.59. 10,684,592 shares of the company’s stock were exchanged. The firm’s market cap is $1.54 billion. The stock’s 50-day moving average is $6.53 and its 200 day moving average is $6.37. Fitbit has a one year low of $5.62 and a one year high of $17.18.
Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks’ 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 quarterly revenue was down 39.8% on a year-over-year basis. During the same quarter last year, the company posted $0.12 earnings per share. Analysts anticipate that Fitbit will post ($0.31) EPS for the current year.
In other news, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $5.68, for a total value of $28,400.00. Following the sale, the executive vice president now owns 80,332 shares in the company, valued at $456,285.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $5.09, for a total transaction of $76,350.00. The disclosure for this sale can be found here. Insiders sold 555,000 shares of company stock valued at $3,167,450 in the last ninety days. 29.10% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Intellectus Partners LLC grew its position in shares of Fitbit by 15.8% in the second quarter. Intellectus Partners LLC now owns 179,546 shares of the scientific and technical instruments company’s stock valued at $953,000 after purchasing an additional 24,450 shares during the period. California State Teachers Retirement System grew its position in shares of Fitbit by 23.1% in the second quarter. California State Teachers Retirement System now owns 309,530 shares of the scientific and technical instruments company’s stock valued at $1,644,000 after purchasing an additional 57,987 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Fitbit by 2,045.1% in the second quarter. The Manufacturers Life Insurance Company now owns 139,450 shares of the scientific and technical instruments company’s stock valued at $741,000 after purchasing an additional 132,949 shares during the period. State Street Corp grew its position 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 purchasing an additional 1,348,058 shares during the period. Finally, Royal Bank of Canada grew its position in shares of Fitbit by 138.9% in the second quarter. Royal Bank of Canada now owns 303,155 shares of the scientific and technical instruments company’s stock valued at $1,610,000 after purchasing an additional 176,267 shares during the period. Institutional investors and hedge funds own 56.04% of the company’s stock.
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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