Fitbit Inc. (FIT) PT Set at $20.00 by Mizuho
Several other equities research analysts also recently issued reports on FIT. Vetr raised shares of 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. Oppenheimer Holdings Inc. reissued an outperform rating and set a $25.00 price objective on shares of Fitbit in a research report on Wednesday, August 31st. Bank of America Corp. reissued a buy rating and set a $24.00 price objective on shares of Fitbit in a research report on Thursday, September 1st. Zacks Investment Research raised shares of Fitbit from a sell rating to a hold rating in a research report on Friday, August 5th. Finally, TheStreet assumed coverage on shares of Fitbit in a research report on Friday, August 5th. They set a sell rating for the company. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Fitbit has a consensus rating of Buy and a consensus target price of $22.66.
Fitbit (NYSE:FIT) opened at 15.94 on Thursday. The company has a market cap of $3.54 billion, a P/E ratio of 33.63 and a beta of 3.30. The company has a 50-day moving average of $15.06 and a 200 day moving average of $14.53. Fitbit has a one year low of $11.65 and a one year high of $41.97.
Fitbit (NYSE:FIT) last issued its earnings results on Tuesday, August 2nd. The company reported $0.12 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.01. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The firm earned $586.50 million during the quarter, compared to the consensus estimate of $578.48 million. During the same quarter in the prior year, the firm earned $0.21 earnings per share. The business’s quarterly revenue was up 46.5% on a year-over-year basis. Equities research analysts predict that Fitbit will post $1.18 EPS for the current year.
In related news, EVP Andy Missan sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $12.35, for a total transaction of $123,500.00. Following the transaction, the executive vice president now directly owns 45,000 shares of the company’s stock, valued at $555,750. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $15.44, for a total transaction of $231,600.00. The disclosure for this sale can be found here. 37.29% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co. NY raised its position in Fitbit by 233.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 8,420 shares of the company’s stock worth $103,000 after buying an additional 5,898 shares in the last quarter. Commonwealth Equity Services Inc acquired a new position in Fitbit during the second quarter worth approximately $129,000. Legal & General Group Plc raised its position in Fitbit by 71.1% in the second quarter. Legal & General Group Plc now owns 10,967 shares of the company’s stock worth $134,000 after buying an additional 4,558 shares in the last quarter. Greenwich Wealth Management LLC acquired a new position in Fitbit during the second quarter worth approximately $135,000. Finally, Wedbush Securities Inc. acquired a new position in Fitbit during the second quarter worth approximately $140,000. 55.41% of the stock is currently owned by institutional investors and hedge funds.
Fitbit Company Profile
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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