Somewhat Positive Media Coverage Somewhat Unlikely to Impact Fitbit (FIT) Stock Price

News headlines about Fitbit (NYSE:FIT) have trended somewhat positive on Friday, according to Accern. Accern scores the sentiment of press coverage by analyzing more than 20 million blog and news sources. Accern ranks coverage of companies on a scale of negative one to positive one, with scores nearest to one being the most favorable. Fitbit earned a coverage optimism score of 0.21 on Accern’s scale. Accern also assigned media coverage about the scientific and technical instruments company an impact score of 44.9171365517709 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the stock’s share price in the near term.

Here are some of the headlines that may have impacted Accern Sentiment’s analysis:

• Fitbit : Are You Ready for Another Hard Workout? Here’s How to Tell (4-traders.com)
• Technical Insights on Scientific & Technical Instruments Stocks — Fitbit, Fortive, Garmin, and MKS Instruments (markets.businessinsider.com)
• Fitbit, Inc. 2017 Q2 – Results – Earnings Call Slides (seekingalpha.com)
• Fitbit, Inc. breached its 50 day moving average in a Bearish Manner : FIT-US : August 18, 2017 (finance.yahoo.com)
• Fitbit Inc (FIT) Stock Has Hope, But Isn’t Fixed (finance.yahoo.com)

Several equities research analysts recently weighed in on the company. Benchmark Co. assumed coverage on Fitbit in a research note on Tuesday, April 25th. They issued a “buy” rating and a $10.00 price target on the stock. Vetr raised Fitbit from a “buy” rating to a “strong-buy” rating and set a $5.79 price target on the stock in a research note on Wednesday, August 2nd. Cowen and Company set a $6.00 price target on Fitbit and gave the stock a “hold” rating in a research note on Thursday, August 3rd. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $8.00 price target on shares of Fitbit in a research note on Monday, June 26th. Finally, Morgan Stanley reduced their price target on Fitbit from $7.00 to $6.50 and set an “equal weight” rating on the stock in a research note on Monday, July 31st. Six investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $7.93.

Shares of Fitbit (NYSE FIT) traded down 0.57% on Friday, hitting $5.23. The stock had a trading volume of 4,346,719 shares. The company’s market cap is $1.22 billion. The company’s 50 day moving average price is $5.49 and its 200-day moving average price is $5.64. Fitbit has a 12 month low of $4.90 and a 12 month high of $17.18.

Fitbit (NYSE:FIT) last announced its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.07. Fitbit had a negative return on equity of 20.67% and a negative net margin of 13.79%. The firm had revenue of $353.30 million for the quarter, compared to the consensus estimate of $341.24 million. During the same period in the previous year, the business earned $0.12 EPS. The firm’s revenue for the quarter was down 39.8% on a year-over-year basis. On average, analysts expect that Fitbit will post ($0.31) earnings per share for the current year.

In other Fitbit news, Director Steven Joseph Murray sold 500,000 shares of Fitbit stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $5.73, for a total transaction of $2,865,000.00. Following the completion of the sale, the director now owns 11,442 shares of the company’s stock, valued at approximately $65,562.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Andy Missan sold 10,000 shares of Fitbit stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $5.57, for a total value of $55,700.00. Following the sale, the executive vice president now directly owns 62,702 shares of the company’s stock, valued at approximately $349,250.14. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,045,000 shares of company stock valued at $5,770,100. 29.10% of the stock is currently owned by insiders.

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.