Fitbit (NYSE:FIT) updated its fourth quarter 2018 earnings guidance on Wednesday. The company provided EPS guidance of $0.07 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.06. The company issued revenue guidance of $560 million, compared to the consensus revenue estimate of $569.22 million.Fitbit also updated its FY 2018 guidance to EPS.
Several equities analysts have weighed in on the company. ValuEngine cut Fitbit from a buy rating to a hold rating in a report on Saturday, July 14th. William Blair restated a market perform rating on shares of Fitbit in a report on Friday, September 21st. Stifel Nicolaus raised their price target on Fitbit from $5.50 to $6.00 and gave the company a hold rating in a report on Thursday, August 2nd. Morgan Stanley dropped coverage on Fitbit in a report on Thursday, September 13th. Finally, Wedbush raised their price target on Fitbit from $6.00 to $7.00 and gave the company a hold rating in a report on Thursday, August 2nd. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. Fitbit has a consensus rating of Hold and a consensus target price of $5.83.
NYSE FIT traded up $0.31 during trading on Wednesday, hitting $4.73. 10,622,134 shares of the stock traded hands, compared to its average volume of 5,975,515. The stock has a market capitalization of $976.25 million, a PE ratio of -7.28 and a beta of 1.78. Fitbit has a 12-month low of $4.23 and a 12-month high of $7.79.
Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.02. The business had revenue of $299.34 million during the quarter, compared to analysts’ expectations of $285.40 million. Fitbit had a negative return on equity of 25.74% and a negative net margin of 23.70%. The firm’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.08) EPS. Equities analysts predict that Fitbit will post -0.69 EPS for the current fiscal year.
In other news, Director Steven Joseph Murray sold 1,000,000 shares of Fitbit stock in a transaction that occurred on Monday, August 27th. The stock was 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 approximately $263,305.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Andy Missan sold 7,500 shares of Fitbit stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $4.76, for a total value of $35,700.00. Following the completion of the transaction, the executive vice president now owns 176,739 shares of the company’s stock, valued at approximately $841,277.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,025,000 shares of company stock valued at $6,354,550. Company insiders own 19.84% 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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