Wedbush reiterated their neutral rating on shares of Fitbit, Inc. (NYSE:FIT) in a research report released on Friday, July 28th. They currently have a $6.50 price target on the scientific and technical instruments company’s stock.
Other equities research analysts have also recently issued research reports about the company. Benchmark Co. initiated coverage on Fitbit in a research note on Tuesday, April 25th. They set a buy rating and a $10.00 target price for the company. SunTrust Banks, Inc. reaffirmed a buy rating and issued a $7.00 price objective on shares of Fitbit in a research note on Friday, April 14th. Zacks Investment Research raised Fitbit from a hold rating to a buy rating and set a $7.00 price objective for the company in a research note on Monday, May 8th. Vetr cut Fitbit from a strong-buy rating to a buy rating and set a $5.84 price objective for the company. in a research note on Monday, June 26th. Finally, Morgan Stanley dropped their price objective on Fitbit from $7.00 to $6.50 and set an equal weight rating for the company in a research note on Monday, July 31st. Six research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $7.93.
Fitbit (NYSE:FIT) traded down 0.57% during mid-day trading on Friday, hitting $5.23. 4,346,719 shares of the stock traded hands. The company has a 50-day moving average of $5.49 and a 200 day moving average of $5.64. Fitbit has a 1-year low of $4.90 and a 1-year high of $17.18. The firm’s market capitalization is $1.22 billion.
Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.07. The company had revenue of $353.30 million during the quarter, compared to analysts’ expectations of $341.24 million. Fitbit had a negative return on equity of 20.67% and a negative net margin of 13.79%. The firm’s quarterly revenue was down 39.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.12 earnings per share. On average, equities research analysts anticipate that Fitbit will post ($0.31) EPS for the current year.
In other Fitbit news, EVP Andy Missan sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $5.57, for a total transaction of $55,700.00. Following the transaction, the executive vice president now owns 62,702 shares in the company, valued at approximately $349,250.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven Joseph Murray sold 500,000 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $5.33, for a total value of $2,665,000.00. Following the transaction, the director now owns 11,442 shares in the company, valued at approximately $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 in the last 90 days. 29.10% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC boosted its position in Fitbit by 5.6% in the second quarter. HighTower Advisors LLC now owns 32,831 shares of the scientific and technical instruments company’s stock valued at $174,000 after buying an additional 1,735 shares during the last quarter. Guggenheim Capital LLC boosted its position in Fitbit by 6.7% in the fourth quarter. Guggenheim Capital LLC now owns 36,211 shares of the scientific and technical instruments company’s stock valued at $266,000 after buying an additional 2,264 shares during the last quarter. Amalgamated Bank boosted its position in Fitbit by 20.1% in the second quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after buying an additional 3,698 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in Fitbit by 11.6% in the second quarter. Oppenheimer & Co. Inc. now owns 40,063 shares of the scientific and technical instruments company’s stock valued at $213,000 after buying an additional 4,150 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its position in Fitbit by 14.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 33,666 shares of the scientific and technical instruments company’s stock valued at $199,000 after buying an additional 4,271 shares during the last quarter. Institutional investors own 55.86% of the company’s stock.
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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