Fitbit Inc. (FIT) Raised to “Strong-Buy” at Vetr Inc.
Vetr upgraded shares of Fitbit Inc. (NYSE:FIT) from a buy rating to a strong-buy rating in a research note issued to investors on Monday morning. They currently have $18.63 price objective on the stock.
Several other brokerages have also recently weighed in on FIT. TheStreet raised Fitbit from a sell rating to a hold rating in a research note on Thursday, September 22nd. Longbow Research raised Fitbit to a buy rating and set a $20.00 target price for the company in a research note on Monday, September 19th. Oppenheimer Holdings Inc. reaffirmed an outperform rating and set a $25.00 target price on shares of Fitbit in a research note on Wednesday, August 31st. Bank of America Corp. reiterated a buy rating and issued a $24.00 price target on shares of Fitbit in a research report on Thursday, September 1st. Finally, Zacks Investment Research upgraded Fitbit from a sell rating to a hold rating in a research report on Friday, August 5th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $22.08.
Shares of Fitbit (NYSE:FIT) opened at 14.82 on Monday. Fitbit has a one year low of $11.65 and a one year high of $41.97. The stock has a market cap of $3.29 billion, a PE ratio of 31.27 and a beta of 3.30. The stock’s 50 day moving average price is $15.33 and its 200-day moving average price is $14.66.
Fitbit (NYSE:FIT) last announced its earnings results on Tuesday, August 2nd. The company reported $0.12 earnings per share for the quarter, beating 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 business earned $586.50 million during the quarter, compared to analysts’ expectations of $578.48 million. During the same quarter last year, the business posted $0.21 earnings per share. The company’s quarterly revenue was up 46.5% on a year-over-year basis. On average, equities analysts predict that Fitbit will post $1.18 earnings per share for the current fiscal year.
In other Fitbit news, Director Steven Joseph Murray sold 151,912 shares of the firm’s stock in a transaction that occurred 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 document filed with the SEC, which is accessible through the SEC website. Also, EVP Andy Missan sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The shares were 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 approximately $757,000. The disclosure for this sale can be found here. 37.29% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Metropolitan Life Insurance Co. NY raised 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 during the period. Commonwealth Equity Services Inc acquired a new stake in Fitbit during the second quarter worth about $129,000. Legal & General Group Plc raised its stake 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 during the period. Greenwich Wealth Management LLC acquired a new stake in Fitbit during the second quarter worth about $135,000. Finally, Wedbush Securities Inc. acquired a new stake in 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 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.
To view Vetr’s full report, visit Vetr’s official website.
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