Fitbit, Inc. (NYSE:FIT) had its price target hoisted by stock analysts at Morgan Stanley from $6.50 to $7.00 in a report issued on Friday, Marketbeat Ratings reports. The brokerage currently has an “equal weight” rating on the scientific and technical instruments company’s stock. Morgan Stanley’s price objective indicates a potential upside of 14.38% from the stock’s current price.

Other equities analysts have also issued reports about the stock. Vetr upgraded shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.17 target price on the stock in a research report on Tuesday, August 22nd. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.50 target price on the stock in a research report on Tuesday, August 8th. BidaskClub lowered shares of Fitbit from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Dougherty & Co restated a “neutral” rating on shares of Fitbit in a research report on Wednesday, October 4th. Finally, ValuEngine upgraded shares of Fitbit from a “strong sell” rating to a “sell” rating in a research report on Friday, September 15th. Six research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have given a buy rating to the company. Fitbit has an average rating of “Hold” and an average target price of $7.47.

Shares of Fitbit (FIT) traded up 0.16% on Friday, hitting $6.12. 6,009,412 shares of the stock were exchanged. Fitbit has a 52-week low of $5.62 and a 52-week high of $14.26. The company’s 50 day moving average is $6.52 and its 200-day moving average is $6.52. The stock’s market cap is $1.43 billion.

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 company had revenue of $353.30 million for the quarter, compared to analyst estimates of $341.24 million. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. The firm’s revenue was down 39.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.12 earnings per share. Analysts predict that Fitbit will post ($0.32) EPS for the current fiscal year.

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In other Fitbit news, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $6.89, for a total value of $34,450.00. Following the completion of the sale, the executive vice president now owns 105,133 shares of the company’s stock, valued at $724,366.37. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $6.89, for a total value of $103,350.00. The disclosure for this sale can be found here. In the last three months, insiders sold 585,000 shares of company stock valued at $3,400,600. 29.10% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. DnB Asset Management AS lifted its holdings in Fitbit by 57.8% in the second quarter. DnB Asset Management AS now owns 16,352,508 shares of the scientific and technical instruments company’s stock valued at $86,832,000 after acquiring an additional 5,989,005 shares during the period. Vanguard Group Inc. lifted its holdings in Fitbit by 13.9% in the second quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock valued at $68,012,000 after acquiring an additional 1,567,672 shares during the period. Renaissance Technologies LLC lifted its holdings in Fitbit by 193.6% in the second quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock valued at $25,178,000 after acquiring an additional 3,126,706 shares during the period. State Street Corp lifted its holdings in 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 acquiring an additional 1,348,058 shares during the period. Finally, Quinn Opportunity Partners LLC lifted its holdings in Fitbit by 3.0% in the second quarter. Quinn Opportunity Partners LLC now owns 2,573,690 shares of the scientific and technical instruments company’s stock valued at $13,666,000 after acquiring an additional 75,100 shares during the period. 56.04% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Fitbit (NYSE:FIT)

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