Fitbit, Inc. (FIT) Receives Consensus Rating of “Hold” from Brokerages
Fitbit, Inc. (NYSE:FIT) has been assigned an average rating of “Hold” from the twenty-seven research firms that are covering the firm, MarketBeat reports. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $7.30.
A number of equities research analysts have issued reports on the company. Vetr raised Fitbit from a “buy” rating to a “strong-buy” rating and set a $5.79 price target 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 stock 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 decreased 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.
Fitbit (NYSE FIT) traded up 1.98% during trading on Thursday, reaching $6.69. The company had a trading volume of 5,781,901 shares. Fitbit has a 12 month low of $4.90 and a 12 month high of $14.27. The company’s market capitalization is $1.56 billion. The firm’s 50 day moving average is $6.55 and its 200-day moving average is $6.55.
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, beating the Zacks’ consensus estimate of ($0.15) by $0.07. Fitbit had a negative return on equity of 20.67% and a negative net margin of 13.79%. The firm had revenue of $353.30 million during the quarter, compared to the consensus estimate of $341.24 million. During the same quarter in the previous year, the business earned $0.12 earnings per share. The firm’s quarterly revenue was down 39.8% compared to the same quarter last year. On average, equities analysts expect that Fitbit will post ($0.31) earnings per share for the current year.
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In other Fitbit news, Director Jon Callaghan sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $6.89, for a total transaction of $103,350.00. 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 company’s stock in a transaction that occurred on 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 approximately $456,285.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 585,000 shares of company stock worth $3,400,600. Insiders own 29.10% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA raised its stake in Fitbit by 15.6% during the second quarter. BNP Paribas Arbitrage SA now owns 446,630 shares of the scientific and technical instruments company’s stock valued at $2,372,000 after buying an additional 60,346 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Fitbit during the second quarter valued at approximately $1,723,000. Swiss National Bank raised its stake in 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 buying an additional 22,300 shares in the last quarter. Artemis Investment Management LLP raised its stake in Fitbit by 40.2% during the second quarter. Artemis Investment Management LLP now owns 2,535,000 shares of the scientific and technical instruments company’s stock valued at $13,447,000 after buying an additional 727,000 shares in the last quarter. Finally, UBS Oconnor LLC acquired a new stake in Fitbit during the first quarter valued at approximately $1,480,000. Hedge funds and other institutional investors 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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