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

Shares of Fitbit Inc (NYSE:FIT) have received an average rating of “Hold” from the twenty-four analysts that are covering the company, MarketBeat Ratings reports. Five research analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and nine have issued a buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $6.88.

Several equities research analysts have issued reports on FIT shares. Zacks Investment Research cut Fitbit from a “buy” rating to a “hold” rating in a research note on Monday, September 25th. Dougherty & Co reissued a “neutral” rating on shares of Fitbit in a research note on Wednesday, September 27th. Vetr cut Fitbit from a “hold” rating to a “sell” rating and set a $6.67 target price for the company. in a research note on Thursday, September 28th. Oppenheimer reissued an “outperform” rating and set a $8.00 target price on shares of Fitbit in a research note on Wednesday, October 4th. Finally, Morgan Stanley raised their target price on Fitbit from $6.50 to $7.00 and gave the stock an “equal weight” rating in a research note on Friday, October 20th.

Fitbit (FIT) traded up $0.03 during trading hours on Friday, hitting $5.56. The company had a trading volume of 5,309,545 shares, compared to its average volume of 5,470,000. Fitbit has a 12-month low of $4.90 and a 12-month high of $7.47. The firm has a market capitalization of $1,320.00 and a PE ratio of -3.37.

Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) 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 firm had revenue of $392.50 million during the quarter, compared to analysts’ expectations of $391.70 million. During the same quarter last year, the firm earned $0.19 earnings per share. The business’s revenue for the quarter was down 22.1% on a year-over-year basis. research analysts anticipate that Fitbit will post -0.49 earnings per share for the current fiscal year.

In other news, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $6.29, for a total transaction of $31,450.00. Following the completion of the transaction, the executive vice president now directly owns 109,475 shares in the company, valued at $688,597.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $5.91, for a total value of $88,650.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,026,841 shares of company stock valued at $6,268,204. Company insiders own 29.10% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. DnB Asset Management AS boosted its position in shares of Fitbit by 21.6% during the fourth quarter. DnB Asset Management AS now owns 17,685,592 shares of the scientific and technical instruments company’s stock worth $100,985,000 after buying an additional 3,145,026 shares during the period. Vanguard Group Inc. boosted its position 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 buying an additional 1,567,672 shares during the period. Allianz Asset Management GmbH boosted its position in shares of Fitbit by 25.2% during the third quarter. Allianz Asset Management GmbH now owns 5,440,776 shares of the scientific and technical instruments company’s stock worth $37,868,000 after buying an additional 1,096,000 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its position in shares of Fitbit by 27.9% during the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 5,271,905 shares of the scientific and technical instruments company’s stock worth $36,692,000 after buying an additional 1,149,580 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Fitbit by 193.6% during the second quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock worth $25,178,000 after buying an additional 3,126,706 shares during the period. Institutional investors and hedge funds own 58.25% 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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