Fitbit (NYSE:FIT) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a report issued on Friday.

Several other research analysts have also recently weighed in on FIT. Vetr upgraded Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.17 price objective on the stock in a research report on Tuesday, August 22nd. BidaskClub upgraded Fitbit from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Zacks Investment Research cut Fitbit from a “buy” rating to a “hold” rating in a research report on Monday, August 28th. Oppenheimer reiterated an “outperform” rating and set a $8.00 price objective on shares of Fitbit in a research report on Tuesday, August 29th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $6.00 price objective on shares of Fitbit in a research report on Tuesday, September 5th. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. Fitbit has a consensus rating of “Hold” and an average price target of $6.94.

Shares of Fitbit (NYSE FIT) traded down $0.52 during trading on Friday, reaching $6.30. The company’s stock had a trading volume of 14,784,396 shares, compared to its average volume of 7,557,034. Fitbit has a fifty-two week low of $4.90 and a fifty-two week high of $8.40.

Fitbit (NYSE:FIT) last announced its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.03. Fitbit had a negative return on equity of 28.33% and a negative net margin of 23.35%. The business had revenue of $392.50 million during the quarter, compared to the consensus estimate of $391.70 million. During the same quarter last year, the firm posted $0.19 EPS. The company’s quarterly revenue was down 22.1% on a year-over-year basis. equities research analysts expect that Fitbit will post -0.49 earnings per share for the current fiscal year.

In related news, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $6.81, for a total value of $102,150.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Andy Missan sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $7.00, for a total value of $175,000.00. Following the completion of the transaction, the executive vice president now owns 110,133 shares in the company, valued at approximately $770,931. The disclosure for this sale can be found here. Insiders sold 1,051,841 shares of company stock worth $6,462,854 in the last 90 days. 29.10% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of FIT. Dimensional Fund Advisors LP boosted its stake in Fitbit by 39.5% in the first quarter. Dimensional Fund Advisors LP now owns 646,872 shares of the scientific and technical instruments company’s stock valued at $3,829,000 after buying an additional 183,025 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Fitbit by 35.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 382,085 shares of the scientific and technical instruments company’s stock valued at $2,262,000 after buying an additional 100,406 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Fitbit by 10.4% in the second quarter. Russell Investments Group Ltd. now owns 115,441 shares of the scientific and technical instruments company’s stock valued at $614,000 after buying an additional 10,840 shares in the last quarter. Global X Management Co. LLC boosted its stake in Fitbit by 30.7% in the second quarter. Global X Management Co. LLC now owns 63,803 shares of the scientific and technical instruments company’s stock valued at $339,000 after buying an additional 14,999 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Fitbit by 55.8% in the second quarter. Rhumbline Advisers now owns 211,044 shares of the scientific and technical instruments company’s stock valued at $1,121,000 after buying an additional 75,571 shares in the last quarter. Institutional investors own 58.36% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Fitbit (NYSE:FIT)

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