Fitbit, Inc. (FIT) Stock Rating Upgraded by Zacks Investment Research
Fitbit, Inc. (NYSE:FIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $7.00 price objective on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 6.22% from the company’s current price.
According to Zacks, “Fitbit Inc. is a manufacturer of wearable fitness tracking devices. The company reported second-quarter 2017 adjusted loss of 18 cents per share, which was narrower than the Zacks Consensus Estimate. Over the last year, the stock has underperformed the industry it belongs to. Fitbit’s growth has been slowing down with smartwatches outshining the fitness wearable category, influx of new wearables, lack of upgrades among existing users and lackluster growth in the Asia Pacific region. Management has taken some recovery initiatives that include executive shakeup and cost structuring.”
Other equities research analysts have also issued reports about the company. Vetr upgraded Fitbit from a “buy” rating to a “strong-buy” rating and set a $5.79 target price for the company in a report on Wednesday, August 2nd. Cowen and Company set a $6.00 target price on Fitbit and gave the stock a “hold” rating in a report on Thursday, August 3rd. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $8.00 target price on shares of Fitbit in a report on Monday, June 26th. Morgan Stanley reduced their target price on Fitbit from $7.00 to $6.50 and set an “equal weight” rating for the company in a report on Monday, July 31st. Finally, Dougherty & Co restated a “neutral” rating on shares of Fitbit in a report on Monday, July 31st. Six research 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. Fitbit presently has an average rating of “Hold” and a consensus price target of $7.99.
Fitbit (NYSE FIT) traded down 4.22% on Tuesday, reaching $6.59. 10,684,592 shares of the company traded hands. The firm has a 50 day moving average price of $6.53 and a 200 day moving average price of $6.37. The stock’s market capitalization is $1.54 billion. Fitbit has a 52-week low of $4.90 and a 52-week high of $17.18.
Fitbit (NYSE:FIT) last announced its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, beating the Thomson Reuters’ 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 return on equity of 20.67% and a negative net margin of 13.79%. The firm’s quarterly revenue was down 39.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.12 EPS. Equities research analysts predict that Fitbit will post ($0.31) EPS for the current year.
In other news, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $5.09, for a total transaction of $76,350.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 sale, the director now owns 11,442 shares in the company, valued at $65,562.66. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 555,000 shares of company stock worth $3,167,450. 29.10% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in FIT. Russell Investments Group Ltd. increased its position in shares of Fitbit by 6,579.5% during the first quarter. Russell Investments Group Ltd. now owns 104,601 shares of the scientific and technical instruments company’s stock valued at $621,000 after purchasing an additional 103,035 shares during the period. First Trust Advisors LP increased its position in shares of Fitbit by 207.1% during the first quarter. First Trust Advisors LP now owns 875,399 shares of the scientific and technical instruments company’s stock valued at $5,182,000 after purchasing an additional 590,343 shares during the period. Bank of New York Mellon Corp increased its position in shares of Fitbit by 6.0% during the first quarter. Bank of New York Mellon Corp now owns 632,493 shares of the scientific and technical instruments company’s stock valued at $3,744,000 after purchasing an additional 35,558 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Fitbit by 133.3% during the first quarter. BNP Paribas Arbitrage SA now owns 386,284 shares of the scientific and technical instruments company’s stock valued at $2,287,000 after purchasing an additional 220,700 shares during the period. Finally, Swiss National Bank increased its position in shares of Fitbit by 10.3% during the first quarter. Swiss National Bank now owns 238,200 shares of the scientific and technical instruments company’s stock valued at $1,410,000 after purchasing an additional 22,300 shares during the period. Institutional investors and hedge funds 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.
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