Fitbit (FIT) Shares Down 6.3% After Insider Selling

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Fitbit Inc (NYSE:FIT) fell 6.3% during trading on Friday after an insider sold shares in the company. The company traded as low as $5.90 and last traded at $5.96. 7,691,805 shares traded hands during mid-day trading, an increase of 23% from the average session volume of 6,263,989 shares. The stock had previously closed at $6.36.

Specifically, Director Steven Joseph Murray sold 1,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $6.19, for a total transaction of $6,190,000.00. Following the completion of the sale, the director now owns 42,332 shares in the company, valued at $262,035.08. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Andy Missan sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $5.94, for a total value of $44,550.00. Following the sale, the executive vice president now owns 161,881 shares of the company’s stock, valued at approximately $961,573.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,025,000 shares of company stock valued at $12,544,550. Corporate insiders own 19.84% of the company’s stock.

A number of brokerages have recently issued reports on FIT. ValuEngine cut Fitbit from a “buy” rating to a “hold” rating in a report on Saturday, July 14th. William Blair restated a “market perform” rating on shares of Fitbit in a report on Friday, September 21st. Morgan Stanley set a $4.00 price objective on Fitbit and gave the stock a “sell” rating in a report on Thursday, November 1st. Stifel Nicolaus boosted their price target on Fitbit from $5.50 to $6.00 and gave the company a “hold” rating in a research note on Thursday, August 2nd. Finally, Wedbush boosted their price target on Fitbit from $6.00 to $7.00 and gave the company a “hold” rating in a research note on Thursday, August 2nd. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $5.83.

Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.05. The business had revenue of $393.60 million during the quarter, compared to analysts’ expectations of $381.25 million. Fitbit had a negative return on equity of 24.69% and a negative net margin of 16.32%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.01) earnings per share. On average, equities analysts forecast that Fitbit Inc will post -0.65 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of FIT. DNB Asset Management AS boosted its stake in shares of Fitbit by 24.4% in the third quarter. DNB Asset Management AS now owns 21,302,221 shares of the scientific and technical instruments company’s stock valued at $113,967,000 after buying an additional 4,183,045 shares during the period. Dimensional Fund Advisors LP lifted its stake in Fitbit by 166.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,661,187 shares of the scientific and technical instruments company’s stock worth $17,378,000 after purchasing an additional 1,662,496 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Fitbit by 378.4% during the second quarter. Canada Pension Plan Investment Board now owns 2,098,810 shares of the scientific and technical instruments company’s stock worth $13,705,000 after purchasing an additional 1,660,100 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Fitbit by 736.9% during the third quarter. JPMorgan Chase & Co. now owns 1,679,607 shares of the scientific and technical instruments company’s stock worth $8,986,000 after purchasing an additional 1,478,907 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Fitbit by 12.6% during the second quarter. Renaissance Technologies LLC now owns 8,156,285 shares of the scientific and technical instruments company’s stock worth $53,261,000 after purchasing an additional 909,585 shares during the last quarter. Institutional investors and hedge funds own 62.18% of the company’s stock.

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Fitbit Company Profile (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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