Brokers Issue Forecasts for Fitbit, Inc.’s Q3 2017 Earnings (FIT)
Fitbit, Inc. (NYSE:FIT) – Stock analysts at Wedbush upped their Q3 2017 EPS estimates for Fitbit in a report released on Thursday. Wedbush analyst M. Pachter now anticipates that the scientific and technical instruments company will earn ($0.08) per share for the quarter, up from their previous estimate of ($0.11). Wedbush currently has a “Neutral” rating and a $6.50 target price on the stock. Wedbush also issued estimates for Fitbit’s FY2017 earnings at ($0.58) EPS.
Fitbit (NYSE:FIT) last posted its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, beating 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 business’s revenue for the quarter was down 39.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.12 earnings per share.
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A number of other brokerages have also issued reports on FIT. BidaskClub raised Fitbit from a “strong sell” rating to a “sell” rating in a research report on Wednesday, July 19th. Vetr upgraded Fitbit from a “sell” rating to a “hold” rating and set a $6.47 price target on the stock in a report on Tuesday, September 19th. Stifel Nicolaus reiterated a “hold” rating and set a $6.00 price target on shares of Fitbit in a report on Thursday, September 14th. ValuEngine upgraded Fitbit from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 1st. Finally, Morgan Stanley lifted their price target on Fitbit from $6.50 to $7.00 and gave the company an “equal weight” rating in a report on Friday, October 20th. Five investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $7.47.
Shares of Fitbit (NYSE FIT) opened at 6.06 on Monday. Fitbit has a 1-year low of $4.90 and a 1-year high of $14.01. The company’s 50 day moving average price is $6.46 and its 200-day moving average price is $6.46. The firm’s market cap is $1.41 billion.
In other news, EVP Andy Missan sold 5,000 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $5.68, for a total transaction of $28,400.00. Following the completion of the sale, the executive vice president now owns 80,332 shares in the company, valued at approximately $456,285.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Steven Joseph Murray sold 500,000 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $5.73, for a total value of $2,865,000.00. Following the sale, the director now owns 11,442 shares of the company’s stock, valued at approximately $65,562.66. The disclosure for this sale can be found here. In the last quarter, insiders have sold 585,000 shares of company stock valued at $3,400,600. 29.10% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in FIT. Russell Investments Group Ltd. boosted its stake in shares of Fitbit by 6,579.5% during the 1st quarter. Russell Investments Group Ltd. now owns 104,601 shares of the scientific and technical instruments company’s stock worth $621,000 after acquiring an additional 103,035 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Fitbit by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 632,493 shares of the scientific and technical instruments company’s stock worth $3,744,000 after acquiring an additional 35,558 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Fitbit by 5.8% during the 1st quarter. UBS Asset Management Americas Inc. now owns 86,177 shares of the scientific and technical instruments company’s stock worth $510,000 after acquiring an additional 4,732 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of Fitbit by 88.6% during the 1st quarter. Parametric Portfolio Associates LLC now owns 72,680 shares of the scientific and technical instruments company’s stock worth $430,000 after acquiring an additional 34,143 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Fitbit by 515.6% during the 1st quarter. JPMorgan Chase & Co. now owns 1,044,686 shares of the scientific and technical instruments company’s stock worth $6,184,000 after acquiring an additional 874,986 shares in the last quarter. Institutional investors own 55.10% of the company’s stock.
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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