Fitbit, Inc. (FIT) Earns Neutral Rating from Dougherty & Co
Fitbit, Inc. (NYSE:FIT)‘s stock had its “neutral” rating restated by analysts at Dougherty & Co in a research report issued on Wednesday.
FIT has been the topic of several other reports. BidaskClub upgraded shares of Fitbit from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 19th. Stifel Nicolaus reaffirmed a “hold” rating and set a $6.00 price target (down from $7.00) on shares of Fitbit in a research report on Friday, June 23rd. Vetr upgraded shares of Fitbit from a “sell” rating to a “hold” rating and set a $6.47 price objective for the company in a research note on Tuesday, September 19th. ValuEngine upgraded shares of Fitbit from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 1st. Finally, Deutsche Bank AG cut their price objective on shares of Fitbit from $6.50 to $5.50 and set a “hold” rating for the company in a report on Thursday, August 3rd. Six investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the company. Fitbit currently has a consensus rating of “Hold” and a consensus target price of $7.45.
Shares of Fitbit (NYSE FIT) traded down 0.826% during mid-day trading on Wednesday, hitting $6.605. The company’s stock had a trading volume of 1,972,965 shares. Fitbit has a 1-year low of $5.62 and a 1-year high of $15.05. The company’s market cap is $1.54 billion. The company has a 50-day moving average of $6.56 and a 200 day moving average of $6.56.
Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.07. The firm had revenue of $353.30 million for 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 in the prior year, the firm earned $0.12 EPS. On average, analysts expect that Fitbit will post ($0.31) EPS for the current year.
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In related news, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction 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 sale, the executive vice president now owns 80,332 shares of the company’s stock, valued at approximately $456,285.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $5.09, for a total value of $76,350.00. The disclosure for this sale can be found here. Insiders have sold 580,000 shares of company stock valued at $3,366,150 over the last quarter. Company insiders own 29.10% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. acquired a new position in Fitbit in the 2nd quarter worth about $114,000. Amalgamated Bank raised its position in Fitbit by 20.1% in the second quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after purchasing an additional 3,698 shares during the last quarter. Kissinger Financial Services LLC acquired a new stake in shares of Fitbit during the second quarter valued at about $153,000. Capital Fund Management S.A. acquired a new stake in shares of Fitbit during the second quarter valued at about $157,000. Finally, Croft Leominster Inc. acquired a new stake in shares of Fitbit during the first quarter valued at about $166,000. 56.04% of the stock is owned by institutional investors and hedge funds.
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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