Fitbit (NYSE:FIT)‘s stock had its “hold” rating reaffirmed by equities research analysts at Robert W. Baird in a report issued on Thursday, August 2nd. They currently have a $6.00 target price on the scientific and technical instruments company’s stock. Robert W. Baird’s price target suggests a potential upside of 8.70% from the stock’s previous close.
A number of other brokerages also recently commented on FIT. Zacks Investment Research downgraded shares of Fitbit from a “hold” rating to a “strong sell” rating in a research report on Monday, April 30th. DA Davidson initiated coverage on shares of Fitbit in a research report on Monday, April 30th. They issued a “neutral” rating and a $5.50 price objective on the stock. Roth Capital set a $8.00 price objective on shares of Fitbit and gave the company a “buy” rating in a research report on Tuesday, May 1st. ValuEngine raised shares of Fitbit from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd. Finally, Morgan Stanley set a $4.00 target price on shares of Fitbit and gave the company a “sell” rating in a report on Tuesday, May 1st. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $6.12.
Fitbit traded down $0.10, hitting $5.52, on Thursday, MarketBeat Ratings reports. The stock had a trading volume of 2,652,552 shares, compared to its average volume of 5,874,854. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -8.49 and a beta of 1.76. Fitbit has a 1-year low of $4.51 and a 1-year 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. Fitbit had a negative net margin of 23.70% and a negative return on equity of 25.74%. The business had revenue of $299.34 million for the quarter, compared to the consensus estimate of $285.40 million. During the same period in the previous year, the firm earned ($0.08) EPS. The business’s revenue was down 15.3% on a year-over-year basis. sell-side analysts anticipate that Fitbit will post -0.7 EPS for the current year.
In other Fitbit news, Director Steven Joseph Murray sold 500,000 shares of the firm’s stock in a transaction dated Friday, May 18th. The shares were sold at an average price of $5.20, for a total transaction of $2,600,000.00. Following the sale, the director now directly owns 11,442 shares of the company’s stock, valued at approximately $59,498.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $5.86, for a total transaction of $29,300.00. Following the sale, the executive vice president now directly owns 169,381 shares in the company, valued at $992,572.66. The disclosure for this sale can be found here. Insiders sold a total of 775,572 shares of company stock valued at $4,044,174 in the last 90 days. Company insiders own 19.84% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in shares of Fitbit by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 1,393,386 shares of the scientific and technical instruments company’s stock worth $7,956,000 after buying an additional 110,644 shares during the last quarter. Stone Ridge Asset Management LLC bought a new stake in Fitbit during the fourth quarter valued at $139,000. Two Sigma Advisers LP increased its stake in Fitbit by 184.2% during the fourth quarter. Two Sigma Advisers LP now owns 471,257 shares of the scientific and technical instruments company’s stock valued at $2,691,000 after purchasing an additional 305,421 shares during the last quarter. California State Teachers Retirement System increased its stake in Fitbit by 9.4% during the fourth quarter. California State Teachers Retirement System now owns 305,539 shares of the scientific and technical instruments company’s stock valued at $1,745,000 after purchasing an additional 26,178 shares during the last quarter. Finally, Raymond James & Associates increased its stake in Fitbit by 12.2% during the fourth quarter. Raymond James & Associates now owns 147,556 shares of the scientific and technical instruments company’s stock valued at $843,000 after purchasing an additional 16,050 shares during the last quarter. 60.40% of the stock is currently owned by institutional investors.
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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