Fitbit Inc (FIT) Announces Earnings Results, Beats Estimates By $0.03 EPS
Fitbit Inc (NYSE:FIT) announced its earnings results on Tuesday. The scientific and technical instruments company reported ($0.01) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.03, Bloomberg Earnings reports. Fitbit had a negative return on equity of 24.71% and a negative net margin of 16.48%. The company had revenue of $392.50 million for the quarter, compared to analysts’ expectations of $391.70 million. During the same period last year, the firm earned $0.19 EPS. Fitbit’s revenue for the quarter was down 22.1% compared to the same quarter last year.
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FIT has been the topic of a number of recent research reports. Benchmark Co. reaffirmed a “buy” rating on shares of Fitbit in a report on Thursday, August 3rd. Zacks Investment Research raised Fitbit from a “hold” rating to a “buy” rating and set a $6.50 target price on the stock in a report on Tuesday, August 8th. Vetr raised Fitbit from a “hold” rating to a “buy” rating and set a $5.79 target price on the stock in a report on Wednesday, August 16th. Finally, Morgan Stanley decreased their target price on Fitbit from $7.00 to $6.50 and set an “equal weight” rating on the stock in a report on Monday, July 31st. Five analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $7.45.
In related news, Director Jon Callaghan sold 15,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $6.89, for a total transaction of $103,350.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the executive vice president now 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 90 days, insiders have sold 570,000 shares of company stock valued at $3,324,250. Insiders own 29.10% 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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