Fitbit Inc. (FIT) Stock Price Up 3%
Fitbit Inc. (NYSE:FIT) rose 3% on Tuesday . The stock traded as high as $15.54 and last traded at $15.39, with a volume of 6,118,114 shares trading hands. The stock had previously closed at $14.94.
FIT has been the subject of several research reports. Zacks Investment Research cut Fitbit from a “hold” rating to a “sell” rating in a research report on Tuesday, July 26th. Vetr raised Fitbit from a “buy” rating to a “strong-buy” rating and set a $17.63 price objective for the company in a research report on Tuesday, August 9th. Wells Fargo & Co. initiated coverage on Fitbit in a research report on Tuesday, July 12th. They issued a “market perform” rating and a $13.58 price objective for the company. Citigroup Inc. reissued a “buy” rating and issued a $20.00 price objective (down from $30.00) on shares of Fitbit in a research report on Tuesday, July 5th. Finally, Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $25.00 price objective on shares of Fitbit in a research report on Sunday, August 14th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Fitbit presently has an average rating of “Buy” and a consensus target price of $24.45.
The company has a 50 day moving average price of $14.21 and a 200 day moving average price of $14.37. The stock has a market capitalization of $3.41 billion and a PE ratio of 32.43.
Fitbit (NYSE:FIT) last released its quarterly 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 firm earned $586.50 million during the quarter, compared to the consensus estimate of $578.48 million. During the same quarter last year, the firm earned $0.21 earnings per share. The business’s revenue for the quarter was up 46.5% compared to the same quarter last year. Equities research analysts anticipate that Fitbit Inc. will post $1.18 EPS for the current year.
In other news, Director Steven Joseph Murray sold 848,088 shares of the company’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $15.14, for a total transaction of $12,840,052.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andy Missan sold 10,000 shares of the company’s stock in a transaction on Monday, June 6th. The shares were sold at an average price of $14.35, for a total value of $143,500.00. Following the sale, the executive vice president now owns 45,000 shares of the company’s stock, valued at $645,750. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Fitbit stock. Wells Fargo & Company MN increased its position in shares of Fitbit Inc. (NYSE:FIT) by 176.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 366,210 shares of the company’s stock after buying an additional 233,531 shares during the period. Wells Fargo & Company MN owned approximately 0.18% of Fitbit worth $10,836,000 at the end of the most recent 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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