Zacks: Analysts Anticipate Fitbit Inc (FIT) to Post $0.07 Earnings Per Share

Analysts forecast that Fitbit Inc (NYSE:FIT) will post earnings per share (EPS) of $0.07 for the current quarter, Zacks reports. Six analysts have made estimates for Fitbit’s earnings. The lowest EPS estimate is $0.04 and the highest is $0.08. Fitbit posted earnings per share of ($0.02) during the same quarter last year, which would indicate a positive year over year growth rate of 450%. The company is scheduled to announce its next quarterly earnings report on Monday, February 25th.

On average, analysts expect that Fitbit will report full-year earnings of ($0.29) per share for the current financial year, with EPS estimates ranging from ($0.32) to ($0.26). For the next financial year, analysts forecast that the business will report earnings of ($0.16) per share, with EPS estimates ranging from ($0.24) to ($0.03). Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that follow Fitbit.

Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.05. The firm had revenue of $393.60 million for the quarter, compared to the consensus estimate of $381.25 million. Fitbit had a negative return on equity of 24.69% and a negative net margin of 16.32%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.01) earnings per share.

Several equities research analysts have issued reports on FIT shares. Morgan Stanley dropped coverage on Fitbit in a research report on Thursday, September 13th. Zacks Investment Research downgraded Fitbit from a “hold” rating to a “sell” rating in a research report on Monday, August 6th. ValuEngine downgraded Fitbit from a “buy” rating to a “hold” rating in a research report on Saturday, September 1st. MED upgraded Fitbit from a “neutral” rating to an “outperform” rating and set a $6.50 target price on the stock in a research report on Friday, October 12th. Finally, Wedbush upgraded Fitbit from a “neutral” rating to an “outperform” rating and set a $7.00 target price on the stock in a research report on Friday, October 12th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. Fitbit presently has an average rating of “Hold” and a consensus target price of $5.83.

NYSE:FIT opened at $5.96 on Friday. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -9.17 and a beta of 1.65. Fitbit has a 1 year low of $4.23 and a 1 year high of $7.79.

In related news, Director Steven Joseph Murray sold 1,000,000 shares of the stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $6.19, for a total value of $6,190,000.00. Following the transaction, the director now owns 42,332 shares of the company’s stock, valued at $262,035.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Andy Missan sold 7,500 shares of the stock in a transaction on Monday, September 10th. The shares were sold at an average price of $5.94, for a total value of $44,550.00. Following the completion of the transaction, the executive vice president now directly owns 161,881 shares in the company, valued at approximately $961,573.14. The disclosure for this sale can be found here. Insiders sold 2,025,000 shares of company stock worth $12,544,550 in the last quarter. 19.84% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB increased its stake in Fitbit by 30.3% in the second quarter. Xact Kapitalforvaltning AB now owns 32,678 shares of the scientific and technical instruments company’s stock valued at $213,000 after acquiring an additional 7,600 shares during the last quarter. Private Advisor Group LLC increased its stake in Fitbit by 60.4% in the third quarter. Private Advisor Group LLC now owns 25,392 shares of the scientific and technical instruments company’s stock valued at $136,000 after acquiring an additional 9,562 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its stake in Fitbit by 2.8% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 358,767 shares of the scientific and technical instruments company’s stock valued at $2,343,000 after acquiring an additional 9,778 shares during the last quarter. MetLife Investment Advisors LLC increased its stake in Fitbit by 14.5% in the second quarter. MetLife Investment Advisors LLC now owns 95,538 shares of the scientific and technical instruments company’s stock valued at $624,000 after acquiring an additional 12,109 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Fitbit by 11.7% in the first quarter. Russell Investments Group Ltd. now owns 118,894 shares of the scientific and technical instruments company’s stock valued at $606,000 after acquiring an additional 12,500 shares during the last quarter. 62.18% of the stock is currently owned by institutional investors and hedge funds.

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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