Fitbit Inc (NYSE:FIT) shares saw unusually-high trading volume on Friday . Approximately 6,774,518 shares traded hands during mid-day trading, an increase of 2% from the previous session’s volume of 6,668,540 shares.The stock last traded at $6.42 and had previously closed at $6.49.

FIT has been the topic of a number of research analyst reports. Vetr lowered Fitbit from a “strong-buy” rating to a “buy” rating and set a $5.84 price target on the stock. in a research note on Monday, June 26th. Benchmark Co. reaffirmed a “buy” rating on shares of Fitbit in a research note on Thursday, August 3rd. Zacks Investment Research raised Fitbit from a “hold” rating to a “buy” rating and set a $6.50 price target on the stock in a research note on Tuesday, August 8th. Morgan Stanley lowered their price target on Fitbit from $7.00 to $6.50 and set an “equal weight” rating on the stock in a research note on Monday, July 31st. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $6.00 price target (down from $7.00) on shares of Fitbit in a research note on Friday, June 23rd. Six investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company’s stock. Fitbit has a consensus rating of “Hold” and a consensus price target of $7.97.

The firm’s market cap is $1.47 billion. The company’s 50 day moving average price is $5.62 and its 200-day moving average price is $5.62.

Fitbit (NYSE:FIT) last posted its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.07. Fitbit had a negative return on equity of 24.71% and a negative net margin of 16.48%. The business had revenue of $353.30 million for the quarter, compared to analysts’ expectations of $341.24 million. During the same quarter last year, the firm earned $0.12 earnings per share. The business’s revenue was down 39.8% on a year-over-year basis. Analysts expect that Fitbit Inc will post ($0.31) EPS for the current fiscal year.

In related news, EVP Andy Missan sold 5,000 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $5.68, for a total value of $28,400.00. Following the transaction, the executive vice president now directly owns 80,332 shares of the company’s stock, valued at approximately $456,285.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven Joseph Murray sold 500,000 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $5.73, for a total value of $2,865,000.00. Following the completion of the transaction, the director now directly owns 11,442 shares in the company, valued at $65,562.66. The disclosure for this sale can be found here. Insiders have sold 555,000 shares of company stock worth $3,167,450 in the last 90 days. Insiders own 29.10% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA raised its position in shares of Fitbit by 15.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 446,630 shares of the scientific and technical instruments company’s stock worth $2,372,000 after buying an additional 60,346 shares during the period. AlpInvest Partners B.V. raised its position in shares of Fitbit by 220.6% in the 1st quarter. AlpInvest Partners B.V. now owns 617,547 shares of the scientific and technical instruments company’s stock worth $3,656,000 after buying an additional 424,942 shares during the period. Quantbot Technologies LP raised its position in shares of Fitbit by 36.9% in the 1st quarter. Quantbot Technologies LP now owns 93,661 shares of the scientific and technical instruments company’s stock worth $554,000 after buying an additional 25,256 shares during the period. Swiss National Bank raised its position in shares of Fitbit by 10.3% in the 1st quarter. Swiss National Bank now owns 238,200 shares of the scientific and technical instruments company’s stock worth $1,410,000 after buying an additional 22,300 shares during the period. Finally, UBS Oconnor LLC purchased a new position in shares of Fitbit in the 1st quarter worth $1,480,000. 56.04% of the stock is currently owned by institutional investors and hedge funds.

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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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