Fitbit Inc. (FIT) Trading Up 3.9%
Fitbit Inc. (NYSE:FIT)’s share price was up 3.9% on Thursday . The company traded as high as $13.30 and last traded at $13.00, with a volume of 6,178,971 shares traded. The stock had previously closed at $12.51.
A number of equities analysts have weighed in on FIT shares. Bank of America Corp. reiterated a “buy” rating and issued a $29.00 price target on shares of Fitbit in a research report on Friday, April 1st. Citigroup Inc. reissued a “buy” rating and issued a $30.00 target price on shares of Fitbit in a report on Friday, May 6th. Cowen and Company boosted their target price on shares of Fitbit from $19.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, April 21st. Longbow Research reissued a “buy” rating and issued a $20.00 target price on shares of Fitbit in a report on Saturday, April 16th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $32.00 target price on shares of Fitbit in a report on Saturday, May 7th. Twelve investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $27.14.
The firm has a market cap of $2.84 billion and a P/E ratio of 22.64. The stock has a 50-day moving average of $13.52 and a 200 day moving average of $16.08.
Fitbit (NYSE:FIT) last announced its earnings results on Wednesday, May 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.07. During the same period last year, the firm earned $0.27 EPS. The business had revenue of $505.40 million for the quarter, compared to analyst estimates of $442.28 million. The company’s revenue for the quarter was up 50.1% compared to the same quarter last year. On average, equities analysts anticipate that Fitbit Inc. will post $1.17 earnings per share for the current year.
In other news, COO Hansgregory C. Hartmann sold 150,000 shares of Fitbit stock in a transaction on Monday, April 18th. The stock was sold at an average price of $17.19, for a total transaction of $2,578,500.00. Following the transaction, the chief operating officer now owns 150,000 shares in the company, valued at approximately $2,578,500. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Timothy M. Roberts sold 47,470 shares of Fitbit stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $18.10, for a total value of $859,207.00. Following the transaction, the executive vice president now owns 47,470 shares in the company, valued at approximately $859,207. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently bought and sold shares of FIT. Family Management Corp bought a new position in Fitbit during the fourth quarter valued at approximately $1,495,000. J. Goldman & Co LP bought a new position in Fitbit during the fourth quarter valued at approximately $1,888,000. UBS Oconnor LLC bought a new position in Fitbit during the fourth quarter valued at approximately $1,941,000. California State Teachers Retirement System raised its position in Fitbit by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 78,804 shares of the company’s stock valued at $2,332,000 after buying an additional 1,302 shares in the last quarter. Finally, New York State Common Retirement Fund raised its position in Fitbit by 2,453.5% in the fourth quarter. New York State Common Retirement Fund now owns 112,225 shares of the company’s stock valued at $3,321,000 after buying an additional 107,830 shares in the last quarter.
Fitbit, Inc (Fitbit) is a provider of health and fitness products. The Company’s Fitbit 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 fitness plans and interactive workouts.