Cowen and Company Analysts Give Fitbit, Inc. (FIT) a $6.00 Price Target
Fitbit, Inc. (NYSE:FIT) has been given a $6.00 price target by investment analysts at Cowen and Company in a report issued on Monday. The firm presently has a “hold” rating on the scientific and technical instruments company’s stock. Cowen and Company’s price objective points to a potential downside of 1.15% from the stock’s current price.
A number of other research firms have also weighed in on FIT. Vetr lowered Fitbit from a “hold” rating to a “sell” rating and set a $6.67 target price on the stock. in a report on Thursday, September 28th. ValuEngine raised Fitbit from a “strong sell” rating to a “sell” rating in a report on Friday, September 15th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $8.00 target price on shares of Fitbit in a report on Wednesday, October 4th. Dougherty & Co reissued a “neutral” rating on shares of Fitbit in a report on Wednesday, October 4th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $6.00 target price on shares of Fitbit in a report on Thursday, September 14th. Five analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company. Fitbit currently has a consensus rating of “Hold” and a consensus price target of $7.47.
Fitbit (NYSE FIT) traded down 0.082% during midday trading on Monday, hitting $6.065. The stock had a trading volume of 3,972,511 shares. The firm has a 50-day moving average price of $6.51 and a 200-day moving average price of $6.51. The firm’s market capitalization is $1.41 billion. Fitbit has a 1-year low of $4.90 and a 1-year high of $14.26.
Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.07. The business had revenue of $353.30 million for the quarter, compared to analyst estimates 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 revenue was down 39.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.12 EPS. On average, equities research analysts anticipate that Fitbit will post ($0.32) earnings per share for the current year.
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In other news, Director Jon Callaghan sold 15,000 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $5.09, for a total value of $76,350.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andy Missan sold 5,000 shares of the stock in a transaction dated Friday, August 4th. The shares were 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 of the company’s stock, valued at approximately $456,285.76. 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. Insiders own 29.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DnB Asset Management AS grew its stake in Fitbit by 57.8% during the second quarter. DnB Asset Management AS now owns 16,352,508 shares of the scientific and technical instruments company’s stock worth $86,832,000 after purchasing an additional 5,989,005 shares during the period. Vanguard Group Inc. grew its stake in Fitbit by 13.9% during the second quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock worth $68,012,000 after purchasing an additional 1,567,672 shares during the period. Renaissance Technologies LLC grew its stake in Fitbit by 193.6% during the second quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock worth $25,178,000 after purchasing an additional 3,126,706 shares during the period. State Street Corp grew its stake in Fitbit by 68.0% during the second quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock worth $17,686,000 after purchasing an additional 1,348,058 shares during the period. Finally, Quinn Opportunity Partners LLC grew its stake in Fitbit by 3.0% during the second quarter. Quinn Opportunity Partners LLC now owns 2,573,690 shares of the scientific and technical instruments company’s stock worth $13,666,000 after purchasing an additional 75,100 shares during the period. 55.10% of the stock is owned by institutional investors and hedge funds.
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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