Fitbit Inc. (FIT) Trading 4.9% Higher
Fitbit Inc. (NYSE:FIT)’s share price traded up 4.9% during trading on Monday . The company traded as high as $15.88 and last traded at $15.70, with a volume of 7,425,502 shares trading hands. The stock had previously closed at $14.97.
FIT has been the subject of a number of research reports. Piper Jaffray Cos. reiterated a “hold” rating on shares of Fitbit in a report on Sunday, April 17th. Mizuho reiterated a “buy” rating and issued a $20.00 price objective on shares of Fitbit in a report on Monday, May 2nd. Leerink Swann decreased their price objective on Fitbit from $18.00 to $16.00 and set a “market perform” rating for the company in a report on Wednesday, August 3rd. Bank of America Corp. reiterated a “buy” rating and issued a $24.00 price objective (down previously from $29.00) on shares of Fitbit in a report on Wednesday, August 3rd. Finally, Vetr downgraded Fitbit from a “strong-buy” rating to a “buy” rating and set a $16.51 price objective for the company. in a report on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Fitbit has an average rating of “Buy” and an average target price of $24.45.
The stock’s 50 day moving average is $13.51 and its 200 day moving average is $14.45. The firm has a market cap of $3.48 billion and a P/E ratio of 33.02.
Fitbit (NYSE:FIT) last announced its earnings results on Tuesday, August 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.01. The business had revenue of $586.50 million for the quarter, compared to analyst estimates of $578.48 million. The company’s quarterly revenue was up 46.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.21 earnings per share. On average, analysts forecast that Fitbit Inc. will post $1.18 earnings per share for the current fiscal year.
In other Fitbit news, major shareholder Philip Douglas Black sold 25,000 shares of the business’s stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $14.01, for a total transaction of $350,250.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Andy Missan sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $12.35, for a total value of $123,500.00. Following the sale, the executive vice president now owns 45,000 shares in the company, valued at approximately $555,750. The disclosure for this sale can be found here.
Other hedge funds have recently bought and sold shares of the company. Alta Park Capital LP purchased a new stake in Fitbit during the fourth quarter valued at $2,595,000. New York State Common Retirement Fund increased its stake in Fitbit by 2,453.5% in the fourth quarter. New York State Common Retirement Fund now owns 112,225 shares of the company’s stock valued at $3,321,000 after buying an additional 107,830 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in Fitbit by 176.0% in the fourth quarter. Wells Fargo & Company MN now owns 366,210 shares of the company’s stock valued at $10,836,000 after buying an additional 233,531 shares during the last quarter.
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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