Longbow Research Reiterates “Hold” Rating for Fitbit, Inc. (NYSE:FIT)
FIT has been the topic of a number of other research reports. Morgan Stanley cut their price target on shares of Fitbit from $7.00 to $6.50 and set an equal weight rating on the stock in a research note on Monday, July 31st. Benchmark Co. initiated coverage on shares of Fitbit in a research note on Tuesday, April 25th. They set a buy rating and a $10.00 price target on the stock. BidaskClub lowered shares of Fitbit from a sell rating to a strong sell rating in a research note on Tuesday, August 1st. Vetr lowered shares of Fitbit from a buy rating to a sell rating and set a $4.83 price target on the stock. in a research note on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. restated an outperform rating and set a $8.00 price target on shares of Fitbit in a research note on Thursday, May 4th. Six investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $7.95.
Fitbit (FIT) traded down 0.18% during midday trading on Thursday, reaching $5.62. 918,475 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $5.35 and its 200-day moving average is $5.75. Fitbit has a 12-month low of $4.90 and a 12-month high of $17.18. The stock’s market capitalization is $1.29 billion.
Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.07. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.15%. The business had revenue of $353.30 million for the quarter, compared to analyst estimates of $341.24 million. During the same quarter in the prior year, the business posted $0.12 EPS. Fitbit’s revenue for the quarter was down 39.8% compared to the same quarter last year. On average, equities analysts forecast that Fitbit will post ($0.33) earnings per share for the current 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 shares were sold at an average price of $5.57, for a total transaction of $55,700.00. Following the sale, the executive vice president now directly owns 62,702 shares of the company’s stock, valued at $349,250.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jon Callaghan sold 15,000 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $5.09, for a total transaction of $76,350.00. The disclosure for this sale can be found here. Insiders have sold 540,000 shares of company stock worth $2,876,700 over the last three months. 29.10% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the stock. Croft Leominster Inc. bought a new position in Fitbit during the first quarter valued at about $166,000. Kissinger Financial Services LLC bought a new position in Fitbit during the second quarter valued at about $153,000. HighTower Advisors LLC bought a new position in Fitbit during the first quarter valued at about $185,000. Raymond James Financial Services Advisors Inc. increased its position in Fitbit by 14.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 33,666 shares of the scientific and technical instruments company’s stock valued at $199,000 after buying an additional 4,271 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its position in Fitbit by 18.3% in the first quarter. Oppenheimer & Co. Inc. now owns 35,913 shares of the scientific and technical instruments company’s stock valued at $213,000 after buying an additional 5,550 shares during the last quarter. 55.71% of the stock is currently owned by institutional investors and hedge funds.
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.
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