Deutsche Bank AG restated their hold rating on shares of Fitbit, Inc. (NYSE:FIT) in a research note released on Wednesday, August 9th. The brokerage currently has a $5.50 price target on the scientific and technical instruments company’s stock.
Several other research firms have also commented on FIT. BidaskClub upgraded shares of Fitbit from a strong sell rating to a sell rating in a report on Wednesday, July 19th. Dougherty & Co restated a neutral rating on shares of Fitbit in a report on Monday, May 8th. Raymond James Financial, Inc. restated an outperform rating and issued a $9.00 price target on shares of Fitbit in a report on Monday, May 8th. Stifel Nicolaus restated a hold rating and issued a $6.00 price target (down previously from $7.00) on shares of Fitbit in a report on Friday, June 23rd. Finally, ValuEngine upgraded shares of Fitbit from a strong sell rating to a sell rating in a report on Tuesday, August 1st. Six analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company. Fitbit currently has an average rating of Hold and a consensus target price of $7.93.
Fitbit (NYSE:FIT) traded down 0.57% during trading on Wednesday, reaching $5.23. 4,346,719 shares of the company were exchanged. Fitbit has a 1-year low of $4.90 and a 1-year high of $17.18. The company’s 50-day moving average price is $5.49 and its 200-day moving average price is $5.64. The stock’s market capitalization is $1.22 billion.
Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.07. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. The business had revenue of $353.30 million during the quarter, compared to analyst estimates of $341.24 million. During the same quarter in the previous year, the business posted $0.12 EPS. The company’s quarterly revenue was down 39.8% compared to the same quarter last year. On average, equities analysts forecast that Fitbit will post ($0.31) EPS for the current year.
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In other Fitbit news, Director Christopher B. Paisley acquired 25,000 shares of the company’s stock in a transaction dated Monday, June 5th. The shares were acquired at an average cost of $5.39 per share, with a total value of $134,750.00. Following the acquisition, the director now directly owns 36,442 shares of the company’s stock, valued at $196,422.38. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven Joseph Murray sold 500,000 shares of the company’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $5.33, for a total transaction of $2,665,000.00. Following the completion of the sale, the director now directly owns 11,442 shares in the company, valued at $60,985.86. The disclosure for this sale can be found here. Insiders sold a total of 1,045,000 shares of company stock worth $5,770,100 over the last ninety days. Insiders own 29.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Intellectus Partners LLC increased its stake in Fitbit by 15.8% in the second quarter. Intellectus Partners LLC now owns 179,546 shares of the scientific and technical instruments company’s stock valued at $953,000 after buying an additional 24,450 shares during the period. California State Teachers Retirement System increased its stake in Fitbit by 23.1% in the second quarter. California State Teachers Retirement System now owns 309,530 shares of the scientific and technical instruments company’s stock valued at $1,644,000 after buying an additional 57,987 shares during the period. The Manufacturers Life Insurance Company increased its stake in Fitbit by 2,045.1% in the second quarter. The Manufacturers Life Insurance Company now owns 139,450 shares of the scientific and technical instruments company’s stock valued at $741,000 after buying an additional 132,949 shares during the period. State Street Corp increased its stake in Fitbit by 68.0% in the second quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock valued at $17,686,000 after buying an additional 1,348,058 shares during the period. Finally, Royal Bank of Canada increased its stake in Fitbit by 138.9% in the second quarter. Royal Bank of Canada now owns 303,155 shares of the scientific and technical instruments company’s stock valued at $1,610,000 after buying an additional 176,267 shares during the period. 55.86% of the stock is currently owned by institutional investors and hedge funds.
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.
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