Fitbit Inc (NYSE:FIT)’s share price rose 5.8% during trading on Tuesday . The company traded as high as $6.27 and last traded at $6.24. Approximately 9,779,727 shares were traded during mid-day trading, an increase of 56% from the average daily volume of 6,262,428 shares. The stock had previously closed at $5.90.
FIT has been the topic of a number of research reports. Wedbush increased their price objective on Fitbit from $6.00 to $7.00 and gave the stock a “hold” rating in a report on Thursday, August 2nd. Morgan Stanley set a $4.00 price objective on Fitbit and gave the stock a “sell” rating in a report on Thursday, November 1st. Zacks Investment Research downgraded Fitbit from a “hold” rating to a “sell” rating in a report on Monday, August 6th. William Blair restated a “market perform” rating on shares of Fitbit in a report on Friday, September 21st. Finally, MED upgraded Fitbit from a “neutral” rating to an “outperform” rating and set a $6.50 price objective on the stock in a report on Friday, October 12th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. Fitbit presently has an average rating of “Hold” and an average price target of $5.83.
The firm has a market capitalization of $1.31 billion, a P/E ratio of -9.60 and a beta of 1.65.
Fitbit (NYSE:FIT) last announced its quarterly earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.05. Fitbit had a negative return on equity of 24.19% and a negative net margin of 16.32%. The company had revenue of $393.60 million for the quarter, compared to the consensus estimate of $381.25 million. During the same quarter last year, the company posted ($0.01) earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, analysts forecast that Fitbit Inc will post -0.69 earnings per share for the current year.
In other Fitbit news, Director Steven Joseph Murray sold 1,000,000 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 42,332 shares in the company, valued at $263,305.04. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Andy Missan sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $5.43, for a total value of $54,300.00. Following the transaction, the executive vice president now owns 154,381 shares in the company, valued at approximately $838,288.83. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,025,000 shares of company stock worth $6,354,550. Corporate insiders own 19.84% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Xact Kapitalforvaltning AB grew its holdings in Fitbit by 30.3% during the second quarter. Xact Kapitalforvaltning AB now owns 32,678 shares of the scientific and technical instruments company’s stock valued at $213,000 after purchasing an additional 7,600 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Fitbit by 60.4% in the third quarter. Private Advisor Group LLC now owns 25,392 shares of the scientific and technical instruments company’s stock valued at $136,000 after acquiring an additional 9,562 shares during the period. Commerzbank Aktiengesellschaft FI boosted its position in shares of Fitbit by 2.8% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 358,767 shares of the scientific and technical instruments company’s stock valued at $2,343,000 after acquiring an additional 9,778 shares during the period. MetLife Investment Advisors LLC boosted its position in shares of Fitbit by 14.5% in 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 acquiring an additional 12,109 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Fitbit by 11.7% in the first quarter. Russell Investments Group Ltd. now owns 118,894 shares of the scientific and technical instruments company’s stock valued at $606,000 after acquiring an additional 12,500 shares during the period. Institutional investors own 62.18% of the company’s stock.
About Fitbit (NYSE:FIT)
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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