Fitbit Inc. (FIT) Stock Price Down 3.7% Following Insider Selling
Fitbit Inc. (NYSE:FIT) shares were down 3.7% during mid-day trading on Friday following insider selling activity. The stock traded as low as $14.01 and last traded at $14.07, with a volume of 7,504,375 shares traded. The stock had previously closed at $14.61.
Specifically, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $14.84, for a total value of $222,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven Joseph Murray sold 848,088 shares of Fitbit stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $15.14, for a total value of $12,840,052.32. The disclosure for this sale can be found here. 37.29% of the stock is owned by corporate insiders.
FIT has been the subject of several recent research reports. TheStreet raised Fitbit from a “sell” rating to a “hold” rating in a report on Thursday, September 22nd. Morgan Stanley reissued an “overweight” rating and set a $31.00 price objective on shares of Fitbit in a report on Wednesday, August 31st. Longbow Research raised Fitbit to a “buy” rating and set a $20.00 price objective for the company in a report on Monday, September 19th. Vetr raised Fitbit from a “buy” rating to a “strong-buy” rating and set a $19.15 price objective for the company in a report on Monday, October 3rd. Finally, Leerink Swann reissued a “market perform” rating and set a $16.00 price objective on shares of Fitbit in a report on Tuesday, August 30th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $22.11.
The firm’s 50 day moving average price is $15.25 and its 200-day moving average price is $14.67. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of 29.62 and a beta of 3.29.
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 earned $586.50 million during the quarter, compared to the consensus estimate of $578.48 million. Fitbit had a return on equity of 14.55% and a net margin of 5.76%. The firm’s revenue for the quarter was up 46.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.21 earnings per share. On average, equities analysts expect that Fitbit Inc. will post $1.18 earnings per share for the current year.
Several large investors have recently added to or reduced their stakes in the stock. Metropolitan Life Insurance Co. NY increased 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 valued at $103,000 after buying an additional 5,898 shares in the last quarter. Commonwealth Equity Services Inc purchased a new stake in Fitbit during the second quarter valued at approximately $129,000. Legal & General Group Plc increased 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 valued at $134,000 after buying an additional 4,558 shares in the last quarter. Greenwich Wealth Management LLC purchased a new stake in Fitbit during the second quarter valued at approximately $135,000. Finally, Wedbush Securities Inc. purchased a new stake in Fitbit during the second quarter valued at approximately $140,000. Hedge funds and other institutional investors own 55.41% of the company’s stock.
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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