Fitbit (FIT) Rating Increased to Outperform at MED

Fitbit (NYSE:FIT) was upgraded by investment analysts at MED from a “neutral” rating to an “outperform” rating in a research report issued on Friday. The firm presently has a $6.50 price target on the scientific and technical instruments company’s stock. MED’s price objective would suggest a potential upside of 40.69% from the stock’s previous close.

A number of other analysts also recently weighed in on the stock. Wedbush upgraded shares of Fitbit from a “neutral” rating to an “outperform” rating and set a $7.00 target price on the stock in a report on Friday. William Blair restated a “market perform” rating on shares of Fitbit in a report on Friday, September 21st. Morgan Stanley dropped coverage on shares of Fitbit in a report on Thursday, September 13th. ValuEngine downgraded shares of Fitbit from a “buy” rating to a “hold” rating in a report on Saturday, September 1st. Finally, Zacks Investment Research downgraded shares of Fitbit from a “hold” rating to a “sell” rating in a report on Monday, August 6th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $5.99.

Shares of Fitbit stock traded up $0.12 during trading hours on Friday, reaching $4.62. The company’s stock had a trading volume of 424,378 shares, compared to its average volume of 5,972,466. Fitbit has a one year low of $4.46 and a one year high of $7.79. The company has a market cap of $1.15 billion, a PE ratio of -7.11 and a beta of 1.78.

Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.02. Fitbit had a negative net margin of 23.70% and a negative return on equity of 25.74%. The firm had revenue of $299.34 million for the quarter, compared to the consensus estimate of $285.40 million. During the same period in the previous year, the firm posted ($0.08) EPS. The business’s quarterly revenue was down 15.3% on a year-over-year basis. As a group, sell-side analysts forecast that Fitbit will post -0.7 earnings per share for the current year.

In related news, Director Steven Joseph Murray sold 1,000,000 shares of the company’s stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the transaction, the director now directly owns 42,332 shares in the company, valued at approximately $263,305.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Andy Missan sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $5.86, for a total transaction of $29,300.00. Following the transaction, the executive vice president now owns 169,381 shares in the company, valued at $992,572.66. The disclosure for this sale can be found here. Insiders have sold a total of 1,030,000 shares of company stock worth $6,383,850 over the last quarter. 19.84% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of the stock. DNB Asset Management AS grew its stake in Fitbit by 24.4% in the 3rd quarter. DNB Asset Management AS now owns 21,302,221 shares of the scientific and technical instruments company’s stock worth $113,967,000 after acquiring an additional 4,183,045 shares in the last quarter. BlackRock Inc. grew its stake 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 worth $80,964,000 after acquiring an additional 3,013,819 shares in the last quarter. Renaissance Technologies LLC grew its stake 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 worth $53,261,000 after acquiring an additional 909,585 shares in the last quarter. Allianz Asset Management GmbH grew its stake 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 worth $34,432,000 after acquiring an additional 672,285 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake 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 worth $17,378,000 after acquiring an additional 1,662,496 shares in the last quarter. Institutional investors own 61.57% 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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Analyst Recommendations for Fitbit (NYSE:FIT)

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