Fitbit Inc. (FIT) Stock Rating Upgraded by Longbow Research
Fitbit Inc. (NYSE:FIT) was upgraded by Longbow Research to a “buy” rating in a report released on Monday. The firm currently has a $20.00 target price on the stock. Longbow Research’s price objective suggests a potential upside of 25.47% from the stock’s current price.
Several other brokerages have also commented on FIT. Vetr raised Fitbit from a “buy” rating to a “strong-buy” rating and set a $17.63 price objective for the company in a 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 report on Wednesday, August 31st. Bank of America Corp. restated a “buy” rating and issued a $24.00 target price on shares of Fitbit in a research report on Thursday, September 1st. Zacks Investment Research upgraded Fitbit from a “sell” rating to a “hold” rating in a research report on Friday, August 5th. Finally, TheStreet initiated coverage on Fitbit in a research report on Friday, August 5th. They issued a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $22.66.
Shares of Fitbit (NYSE:FIT) opened at 15.94 on Monday. The firm has a market cap of $3.54 billion, a P/E ratio of 33.63 and a beta of 3.30. The firm’s 50-day moving average is $15.06 and its 200-day moving average is $14.53. Fitbit has a 52-week low of $11.65 and a 52-week high of $41.97.
Fitbit (NYSE:FIT) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.01. Fitbit had a return on equity of 14.55% and a net margin of 5.76%. The company earned $586.50 million during the quarter, compared to analyst estimates of $578.48 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. Fitbit’s revenue was up 46.5% on a year-over-year basis. Analysts anticipate that Fitbit will post $1.18 earnings per share for the current year.
In other news, Director Steven Joseph Murray sold 151,912 shares of the stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $15.07, for a total value of $2,289,313.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Andy Missan sold 15,000 shares of the stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $15.14, for a total value of $227,100.00. Following the completion of the sale, the executive vice president now directly owns 50,000 shares in the company, valued at $757,000. The disclosure for this sale can be found here. 37.29% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co. NY boosted its stake 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 shares of Fitbit during the second quarter worth about $129,000. Legal & General Group Plc increased its position in shares of 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 during the last quarter. Greenwich Wealth Management LLC acquired a new position in shares of Fitbit during the second quarter worth about $135,000. Finally, Wedbush Securities Inc. acquired a new position in shares of Fitbit during the second quarter worth about $140,000. 55.41% of the stock is currently owned by hedge funds and other institutional investors.
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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