Fitbit Inc (FIT) Receives Consensus Recommendation of “Hold” from Analysts

Fitbit Inc (NYSE:FIT) has received an average rating of “Hold” from the twenty-three ratings firms that are presently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $6.94.

Several equities analysts have recently issued reports on FIT shares. Zacks Investment Research raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a research note on Tuesday, August 8th. Vetr raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $5.79 price objective on the stock in a research note on Wednesday, August 16th. Benchmark reaffirmed a “buy” rating on shares of Fitbit in a research note on Thursday, August 3rd. Morgan Stanley raised their target price on shares of Fitbit from $6.50 to $7.00 and gave the stock an “equal weight” rating in a report on Friday, October 20th. Finally, Longbow Research reiterated a “hold” rating on shares of Fitbit in a report on Thursday, August 3rd.

Shares of Fitbit (NYSE:FIT) traded down $0.09 on Friday, hitting $6.77. 4,741,767 shares of the stock traded hands, compared to its average volume of 7,657,535. Fitbit has a 12 month low of $4.90 and a 12 month high of $8.45.

Fitbit (NYSE:FIT) last announced its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. The company had revenue of $392.50 million for the quarter, compared to analysts’ expectations of $391.70 million. Fitbit had a negative net margin of 28.89% and a negative return on equity of 51.78%. The business’s revenue was down 22.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS. research analysts expect that Fitbit will post -0.49 earnings per share for the current fiscal year.

In related news, EVP Andy Missan sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $7.00, for a total transaction of $175,000.00. Following the completion of the sale, the executive vice president now directly owns 110,133 shares in the company, valued at $770,931. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Steven Joseph Murray sold 966,641 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $6.09, for a total transaction of $5,886,843.69. Following the sale, the director now owns 11,442 shares of the company’s stock, valued at $69,681.78. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,031,841 shares of company stock valued at $6,326,654. Corporate insiders own 29.10% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA boosted its holdings in shares of Fitbit by 15.6% during the second quarter. BNP Paribas Arbitrage SA now owns 446,630 shares of the scientific and technical instruments company’s stock worth $2,372,000 after purchasing an additional 60,346 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Fitbit by 360.5% during the second quarter. Alliancebernstein L.P. now owns 211,700 shares of the scientific and technical instruments company’s stock worth $1,124,000 after purchasing an additional 165,733 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Fitbit during the second quarter worth approximately $1,723,000. Tocqueville Asset Management L.P. acquired a new stake in shares of Fitbit during the third quarter worth approximately $452,000. Finally, Vanguard Group Inc. boosted its holdings in shares of 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. Institutional investors and hedge funds own 58.32% of the company’s stock.

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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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