Fitbit, Inc. (FIT) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of Fitbit, Inc. (NYSE:FIT) from a buy rating to a hold rating in a research report report published on Wednesday morning.
According to Zacks, “Fitbit Inc. is a manufacturer of wearable fitness tracking devices. The company reported second-quarter 2017 adjusted loss of 18 cents per share, which was narrower than the Zacks Consensus Estimate. Over the last year, the stock has underperformed the industry it belongs to. Fitbit’s growth has been slowing down with smartwatches outshining the fitness wearable category, influx of new wearables, lack of upgrades among existing users and lackluster growth in the Asia Pacific region. Management has taken some recovery initiatives that include executive shakeup and cost structuring.”
Other equities analysts have also issued reports about the company. Vetr upgraded Fitbit from a buy rating to a strong-buy rating and set a $5.79 target price on the stock in a research note on Wednesday, August 2nd. Cowen and Company set a $6.00 target price on Fitbit and gave the stock a hold rating in a research note on Thursday, August 3rd. Oppenheimer Holdings, Inc. restated an outperform rating and issued a $8.00 target price on shares of Fitbit in a research note on Monday, June 26th. Morgan Stanley decreased their target price 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, Dougherty & Co restated a neutral rating on shares of Fitbit in a research note on Monday, July 31st. Six 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. The stock currently has a consensus rating of Hold and an average target price of $7.99.
Fitbit (NYSE:FIT) opened at 6.59 on Wednesday. The firm has a 50-day moving average price of $6.53 and a 200-day moving average price of $6.37. The company’s market cap is $1.54 billion. Fitbit has a 52-week low of $5.62 and a 52-week high of $17.18.
Fitbit (NYSE:FIT) last issued 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 analysts’ consensus estimates of ($0.15) by $0.07. The business had revenue of $353.30 million for the quarter, compared to analysts’ expectations of $341.24 million. Fitbit had a negative return on equity of 20.67% and a negative net margin of 13.79%. The firm’s quarterly revenue was down 39.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.12 EPS. On average, analysts forecast that Fitbit will post ($0.31) EPS for the current year.
In related news, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $5.90, for a total transaction of $88,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction that occurred 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 owns 80,332 shares in the company, valued at $456,285.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 555,000 shares of company stock worth $3,167,450. 29.10% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. DnB Asset Management AS grew its position in Fitbit by 57.8% during the 2nd 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 acquiring an additional 5,989,005 shares during the last quarter. Vanguard Group Inc. grew its position in Fitbit by 13.9% during the 2nd quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock worth $68,012,000 after acquiring an additional 1,567,672 shares during the last quarter. Renaissance Technologies LLC grew its position in Fitbit by 193.6% during the 2nd quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock worth $25,178,000 after acquiring an additional 3,126,706 shares during the last quarter. State Street Corp grew its position in Fitbit by 68.0% during the 2nd quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock worth $17,686,000 after acquiring an additional 1,348,058 shares during the last quarter. Finally, Quinn Opportunity Partners LLC grew its position in Fitbit by 3.0% during the 2nd quarter. Quinn Opportunity Partners LLC now owns 2,573,690 shares of the scientific and technical instruments company’s stock worth $13,666,000 after acquiring an additional 75,100 shares during the last quarter. Institutional investors and hedge funds own 56.04% 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Fitbit Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fitbit Inc. and related companies with MarketBeat.com's FREE daily email newsletter.