Fitbit, Inc. (NYSE:FIT) Lowered to Strong Sell at BidaskClub
BidaskClub lowered shares of Fitbit, Inc. (NYSE:FIT) from a sell rating to a strong sell rating in a research note released on Wednesday.
Several other equities research analysts have also weighed in on FIT. Dougherty & Co reissued a neutral rating on shares of Fitbit in a research note on Monday, May 8th. Raymond James Financial, Inc. reissued an outperform rating and set a $9.00 price objective on shares of Fitbit in a research note on Monday, May 8th. Stifel Nicolaus reissued a hold rating and set a $6.00 price objective (down from $7.00) on shares of Fitbit in a research note on Friday, June 23rd. Deutsche Bank AG reduced their price objective on Fitbit from $6.50 to $6.00 and set a hold rating for the company in a research note on Friday, May 5th. Finally, Zacks Investment Research lowered Fitbit from a buy rating to a hold rating in a research note on Tuesday, May 9th. Six equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $8.28.
Shares of Fitbit (FIT) opened at 5.72 on Wednesday. Fitbit has a 52-week low of $4.90 and a 52-week high of $17.18. The firm has a 50-day moving average price of $5.37 and a 200-day moving average price of $6.10. The firm’s market cap is $1.31 billion.
Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.10. The firm had revenue of $298.94 million during the quarter, compared to analyst estimates of $277.48 million. Fitbit had a negative return on equity of 14.57% and a negative net margin of 8.86%. Analysts predict that Fitbit will post ($0.35) EPS for the current fiscal year.
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In related news, EVP Andy Missan sold 10,000 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $5.57, for a total transaction of $55,700.00. Following the completion of the sale, the executive vice president now directly owns 62,702 shares in the company, valued at $349,250.14. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Christopher B. Paisley acquired 25,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The shares were purchased at an average price of $5.39 per share, with a total value of $134,750.00. Following the completion of the acquisition, the director now owns 36,442 shares of the company’s stock, valued at approximately $196,422.38. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 525,000 shares of company stock valued at $2,800,350. 29.10% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in FIT. DnB Asset Management AS raised its stake in shares of Fitbit by 57.8% in the second quarter. DnB Asset Management AS now owns 16,352,508 shares of the scientific and technical instruments company’s stock valued at $86,832,000 after buying an additional 5,989,005 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD purchased a new stake in shares of Fitbit during the first quarter valued at about $24,404,000. Amerigo Asset Management purchased a new stake in shares of Fitbit during the first quarter valued at about $13,983,000. Gluskin Sheff & Assoc Inc. purchased a new stake in shares of Fitbit during the first quarter valued at about $14,361,000. Finally, Norges Bank purchased a new stake in shares of Fitbit during the fourth quarter valued at about $8,678,000. Institutional investors and hedge funds own 56.14% 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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