Analysts forecast that Fitbit Inc (NYSE:FIT) will announce sales of $380.24 million for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Fitbit’s earnings, with the lowest sales estimate coming in at $372.50 million and the highest estimate coming in at $389.85 million. Fitbit reported sales of $392.52 million during the same quarter last year, which indicates a negative year-over-year growth rate of 3.1%. The business is expected to announce its next quarterly earnings report on Wednesday, November 7th.
According to Zacks, analysts expect that Fitbit will report full year sales of $1.49 billion for the current fiscal year, with estimates ranging from $1.44 billion to $1.50 billion. For the next year, analysts anticipate that the firm will post sales of $1.52 billion per share, with estimates ranging from $1.37 billion to $1.71 billion. Zacks’ sales calculations are an average based on a survey of research analysts that follow Fitbit.
Fitbit (NYSE:FIT) last issued its earnings results on Wednesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.02. Fitbit had a negative return on equity of 25.74% and a negative net margin of 23.70%. The business had revenue of $299.34 million during the quarter, compared to analysts’ expectations of $285.40 million. During the same period in the prior year, the firm posted ($0.08) EPS. Fitbit’s quarterly revenue was down 15.3% compared to the same quarter last year.
A number of brokerages have recently issued reports on FIT. Zacks Investment Research raised Fitbit from a “sell” rating to a “hold” rating in a report on Monday, July 2nd. ValuEngine cut Fitbit from a “buy” rating to a “hold” rating in a report on Saturday, September 1st. Stifel Nicolaus increased their target price on Fitbit from $5.50 to $6.00 and gave the stock a “hold” rating in a report on Thursday, August 2nd. Morgan Stanley dropped coverage on Fitbit in a report on Thursday. Finally, Bank of America increased their target price on Fitbit from $4.80 to $5.00 and gave the stock a “sell” rating in a report on Thursday, August 2nd. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $6.12.
Shares of FIT opened at $5.64 on Friday. Fitbit has a 1 year low of $4.51 and a 1 year high of $7.79. The company has a market capitalization of $1.27 billion, a PE ratio of -8.68 and a beta of 1.76.
In related news, EVP Andy Missan sold 5,000 shares of the stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $6.48, for a total transaction of $32,400.00. Following the sale, the executive vice president now directly owns 164,759 shares in the company, valued at approximately $1,067,638.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven Joseph Murray sold 1,000,000 shares of the stock in a transaction on Monday, August 27th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the completion of the transaction, the director now owns 42,332 shares in the company, valued at $263,305.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,027,500 shares of company stock worth $6,380,550. 19.84% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. boosted its position in Fitbit by 23.4% in the 1st quarter. BlackRock Inc. now owns 15,875,489 shares of the scientific and technical instruments company’s stock valued at $80,964,000 after buying an additional 3,013,819 shares during the last quarter. Renaissance Technologies LLC boosted its position in Fitbit by 12.6% in the 2nd quarter. Renaissance Technologies LLC now owns 8,156,285 shares of the scientific and technical instruments company’s stock valued at $53,261,000 after buying an additional 909,585 shares during the last quarter. Allianz Asset Management GmbH boosted its position in Fitbit by 11.1% in the 1st quarter. Allianz Asset Management GmbH now owns 6,751,296 shares of the scientific and technical instruments company’s stock valued at $34,432,000 after buying an additional 672,285 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Fitbit by 166.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,661,187 shares of the scientific and technical instruments company’s stock valued at $17,378,000 after buying an additional 1,662,496 shares during the last quarter. Finally, Bellevue Group AG bought a new position in Fitbit in the 1st quarter valued at $11,707,000. Hedge funds and other institutional investors own 61.58% of the company’s stock.
Fitbit Company Profile
Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.
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