Fitbit Inc (NYSE:FIT) has been given an average recommendation of “Hold” by the eighteen research firms that are covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $6.06.
FIT has been the subject of a number of research analyst reports. Cascend Securities initiated coverage on Fitbit in a research note on Thursday, May 17th. They issued a “hold” rating for the company. Zacks Investment Research raised Fitbit from a “sell” rating to a “hold” rating in a research report on Wednesday, May 23rd. ValuEngine raised Fitbit from a “hold” rating to a “buy” rating in a research report on Tuesday, June 5th. Morgan Stanley set a $4.00 price objective on Fitbit and gave the stock a “sell” rating in a research report on Thursday, June 7th. Finally, Wedbush set a $6.00 price objective on Fitbit and gave the stock a “hold” rating in a research report on Saturday, June 9th.
In other news, Director Steven Joseph Murray sold 1,000,000 shares of the company’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the transaction, the director now directly owns 42,332 shares of the company’s stock, valued at $263,305.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Andy Missan sold 5,000 shares of the company’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $5.86, for a total value of $29,300.00. Following the transaction, the executive vice president now directly owns 169,381 shares of the company’s stock, valued at $992,572.66. The disclosure for this sale can be found here. Insiders have sold 1,020,000 shares of company stock valued at $6,336,000 over the last ninety days. 19.84% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in Fitbit by 18.5% during the second quarter. Bank of New York Mellon Corp now owns 1,003,024 shares of the scientific and technical instruments company’s stock valued at $6,550,000 after purchasing an additional 156,922 shares during the last quarter. MetLife Investment Advisors LLC boosted its position in Fitbit by 14.5% during 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 purchasing an additional 12,109 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in Fitbit during the second quarter valued at approximately $127,000. Point72 Asset Management L.P. acquired a new position in Fitbit during the second quarter valued at approximately $3,050,000. Finally, Capital Fund Management S.A. acquired a new position in Fitbit during the second quarter valued at approximately $377,000. 61.61% of the stock is owned by institutional investors.
NYSE:FIT opened at $5.88 on Monday. Fitbit has a 1 year low of $4.51 and a 1 year high of $7.79. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of -9.05 and a beta of 1.76.
Fitbit (NYSE:FIT) last posted its 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 return on equity of 25.74% and a negative net margin of 23.70%. The firm had revenue of $299.34 million during the quarter, compared to analysts’ expectations of $285.40 million. During the same period in the previous year, the firm earned ($0.08) earnings per share. The company’s revenue was down 15.3% on a year-over-year basis. equities research analysts predict that Fitbit will post -0.7 EPS for the current year.
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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