Fitbit, Inc. (NYSE:FIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Fitbit is a manufacturer of wearable fitness tracking devices. Year to date, 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. Moreover, new features and services, increased brand awareness, expanded global distribution and presence in the corporate wellness market will continue to be the growth drivers in our view.”

Other equities research analysts also recently issued research reports about the company. Vetr downgraded Fitbit from a “strong-buy” rating to a “buy” rating and set a $5.84 price objective on the stock. in a report on Monday, June 26th. Benchmark Co. reissued a “buy” rating on shares of Fitbit in a report on Thursday, August 3rd. Morgan Stanley cut their price objective on Fitbit from $7.00 to $6.50 and set an “equal weight” rating on the stock in a report on Monday, July 31st. Stifel Nicolaus reissued a “hold” rating and set a $6.00 price objective (down previously from $7.00) on shares of Fitbit in a report on Friday, June 23rd. Finally, Cowen and Company set a $6.00 price objective on Fitbit and gave the company a “hold” rating in a report on Thursday, August 3rd. Six analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $7.45.

Fitbit (FIT) traded down 0.844% during midday trading on Tuesday, hitting $6.465. The stock had a trading volume of 3,141,103 shares. Fitbit has a 52 week low of $4.90 and a 52 week high of $14.27. The company’s 50-day moving average price is $6.56 and its 200 day moving average price is $6.56. The company’s market capitalization is $1.51 billion.

Fitbit (NYSE:FIT) last released its quarterly earnings data 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. Fitbit had a negative return on equity of 20.67% and a negative net margin of 13.79%. The company had revenue of $353.30 million for the quarter, compared to the consensus estimate of $341.24 million. During the same quarter last year, the business posted $0.12 EPS. Fitbit’s revenue for the quarter was down 39.8% on a year-over-year basis. On average, analysts expect that Fitbit will post ($0.31) EPS for the current year.

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In other news, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $5.68, for a total value of $28,400.00. Following the completion of the sale, the executive vice president now directly owns 80,332 shares in the company, valued at approximately $456,285.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction dated 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. Over the last three months, insiders sold 585,000 shares of company stock valued at $3,400,600. Corporate insiders own 29.10% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. HighTower Advisors LLC grew its stake in shares of Fitbit by 5.6% in the 2nd quarter. HighTower Advisors LLC now owns 32,831 shares of the scientific and technical instruments company’s stock valued at $174,000 after buying an additional 1,735 shares during the period. Amalgamated Bank grew its stake in shares of Fitbit by 20.1% in the 2nd quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after buying an additional 3,698 shares during the period. Oppenheimer & Co. Inc. grew its stake in shares of Fitbit by 11.6% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 40,063 shares of the scientific and technical instruments company’s stock valued at $213,000 after buying an additional 4,150 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in shares of Fitbit by 14.5% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 33,666 shares of the scientific and technical instruments company’s stock valued at $199,000 after buying an additional 4,271 shares during the period. Finally, UBS Asset Management Americas Inc. grew its stake in shares of Fitbit by 5.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 86,177 shares of the scientific and technical instruments company’s stock valued at $510,000 after buying an additional 4,732 shares during the period. Institutional investors own 56.04% of the company’s stock.

About Fitbit

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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