Fitbit, Inc. (NYSE:FIT)‘s stock had its “hold” rating restated by equities research analysts at Stifel Nicolaus in a research report issued on Friday. They presently have a $6.00 price target on the scientific and technical instruments company’s stock. Stifel Nicolaus’ target price would indicate a potential downside of 0.33% from the stock’s current price.

A number of other analysts have also commented on the company. Zacks Investment Research raised Fitbit from a “hold” rating to a “buy” rating and set a $6.75 target price for the company in a report on Monday. Cowen and Company set a $6.00 target price on Fitbit and gave the company a “hold” rating in a research report on Monday, October 23rd. Morgan Stanley boosted their price objective on Fitbit from $6.50 to $7.00 and gave the company an “equal weight” rating in a research report on Friday, October 20th. Vetr upgraded Fitbit from a “hold” rating to a “buy” rating and set a $6.67 price objective on the stock in a research report on Thursday, October 19th. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $8.00 target price on shares of Fitbit in a report on Wednesday, October 4th. Five research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $7.45.

Fitbit (NYSE:FIT) traded down $0.23 during midday trading on Friday, reaching $6.02. The company’s stock had a trading volume of 4,344,068 shares, compared to its average volume of 5,181,834.

Fitbit (NYSE:FIT) last released its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.03. Fitbit had a negative return on equity of 27.36% and a negative net margin of 23.35%. The company had revenue of $392.50 million during the quarter, compared to analysts’ expectations of $391.70 million. During the same quarter last year, the business posted $0.19 EPS. The firm’s revenue for the quarter was down 22.1% compared to the same quarter last year. analysts expect that Fitbit will post -0.52 earnings per share for the current year.

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In other Fitbit news, Director Steven Joseph Murray sold 500,000 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $5.73, for a total transaction of $2,865,000.00. Following the transaction, the director now directly owns 11,442 shares in the company, valued at $65,562.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jon Callaghan sold 15,000 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $5.90, for a total transaction of $88,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 580,000 shares of company stock worth $3,390,200. Company insiders own 29.10% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in FIT. Principal Financial Group Inc. purchased a new position in Fitbit during the second quarter worth approximately $114,000. Amalgamated Bank increased its position in shares of Fitbit by 20.1% in the second quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock worth $117,000 after acquiring an additional 3,698 shares in the last quarter. Kissinger Financial Services LLC acquired a new stake in shares of Fitbit in the second quarter worth $153,000. Fortaleza Asset Management Inc. acquired a new stake in Fitbit during the 3rd quarter valued at $154,000. Finally, Capital Fund Management S.A. acquired a new stake in Fitbit during the 2nd quarter valued at $157,000. 55.20% of the stock is currently 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.

Analyst Recommendations for Fitbit (NYSE:FIT)

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