Vetr downgraded shares of Fitbit, Inc. (NYSE:FIT) from a buy rating to a sell rating in a research report released on Wednesday morning. The brokerage currently has $4.83 price objective on the scientific and technical instruments company’s stock.

Several other equities analysts have also recently issued reports on the company. BidaskClub cut Fitbit from a sell rating to a strong sell rating in a research report on Wednesday, July 12th. Oppenheimer Holdings, Inc. restated an outperform rating and issued a $8.00 price target on shares of Fitbit in a research report on Monday, June 26th. Stifel Nicolaus restated a hold rating and issued a $6.00 price target (down previously from $7.00) on shares of Fitbit in a research report on Friday, June 23rd. Longbow Research restated a neutral rating on shares of Fitbit in a research report on Wednesday, June 21st. Finally, Citigroup Inc. reiterated a sell rating and set a $5.00 target price on shares of Fitbit in a research report on Tuesday, June 6th. Six research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $8.28.

Fitbit (NYSE FIT) opened at 5.72 on Wednesday. Fitbit has a one year low of $4.90 and a one year high of $17.18. The firm’s market capitalization is $1.31 billion. The stock has a 50 day moving average price of $5.37 and a 200-day moving average price of $6.10.

Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported ($0.15) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.10. Fitbit had a negative return on equity of 14.57% and a negative net margin of 8.86%. The business had revenue of $298.94 million during the quarter, compared to the consensus estimate of $277.48 million. On average, analysts predict that Fitbit will post ($0.35) earnings per share for the current fiscal year.

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In other news, Director Christopher B. Paisley acquired 25,000 shares of the company’s stock in a transaction dated Monday, June 5th. The stock was acquired at an average cost of $5.39 per share, for a total transaction of $134,750.00. Following the acquisition, the director now directly owns 36,442 shares in the company, valued at approximately $196,422.38. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven Joseph Murray sold 500,000 shares of the company’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $5.33, for a total value of $2,665,000.00. Following the sale, the director now owns 11,442 shares of the company’s stock, valued at $60,985.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 525,000 shares of company stock worth $2,800,350. Corporate insiders own 29.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Kissinger Financial Services LLC purchased a new stake in Fitbit during the second quarter worth approximately $153,000. DnB Asset Management AS increased its stake in 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 worth $86,832,000 after buying an additional 5,989,005 shares during the last quarter. UBS Oconnor LLC purchased a new stake in Fitbit during the first quarter worth approximately $1,480,000. HighTower Advisors LLC purchased a new stake in Fitbit during the first quarter worth approximately $185,000. Finally, Credit Suisse AG increased its stake in Fitbit by 150.3% in the first quarter. Credit Suisse AG now owns 473,673 shares of the scientific and technical instruments company’s stock worth $2,804,000 after buying an additional 284,410 shares during the last quarter. Institutional investors and hedge funds own 56.14% of the company’s stock.

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.

Analyst Recommendations for Fitbit (NYSE:FIT)

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