Fitbit Inc. (FIT) Trading 3% Higher
Fitbit Inc. (NYSE:FIT) traded up 3% during mid-day trading on Tuesday . The company traded as high as $15.54 and last traded at $15.39, with a volume of 6,118,114 shares. The stock had previously closed at $14.94.
A number of equities research analysts have issued reports on the stock. Piper Jaffray Cos. reiterated a “neutral” rating and set a $14.00 target price on shares of Fitbit in a report on Wednesday. Morgan Stanley reiterated an “overweight” rating and set a $31.00 target price on shares of Fitbit in a report on Wednesday. Wedbush reiterated an “outperform” rating and set a $18.00 target price on shares of Fitbit in a report on Wednesday. Leerink Swann reduced their target price on shares of Fitbit from $18.00 to $16.00 and set a “market perform” rating on the stock in a report on Wednesday, August 3rd. Finally, Bank of America Corp. reiterated a “buy” rating and set a $24.00 target price (down from $29.00) on shares of Fitbit in a report on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Fitbit presently has a consensus rating of “Buy” and an average price target of $24.37.
The company has a market cap of $3.44 billion and a PE ratio of 32.66. The company has a 50 day moving average price of $14.31 and a 200-day moving average price of $14.38.
Fitbit (NYSE:FIT) last issued its earnings results on Tuesday, August 2nd. The company reported $0.12 earnings per share for the quarter, topping the Zacks’ 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. During the same period last year, the company posted $0.21 earnings per share. The firm’s revenue for the quarter was up 46.5% on a year-over-year basis. On average, analysts forecast that Fitbit Inc. will post $1.18 EPS for the current year.
In related news, EVP Andy Missan sold 10,000 shares of the stock in a transaction dated 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 approximately $645,750. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven Joseph Murray sold 848,088 shares of the stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $15.14, for a total transaction of $12,840,052.32. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Fitbit stock. Wells Fargo & Company MN boosted its position in Fitbit Inc. (NYSE:FIT) by 176.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 366,210 shares of the company’s stock after buying an additional 233,531 shares during the period. Wells Fargo & Company MN owned 0.18% of Fitbit worth $10,836,000 as of its most recent filing with the SEC.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.