Fitbit (NYSE:FIT) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Tuesday.

Several other analysts have also recently issued reports on FIT. Morgan Stanley dropped coverage on Fitbit in a report on Thursday, September 13th. Wedbush raised Fitbit from a “neutral” rating to an “outperform” rating and set a $7.00 price objective on the stock in a report on Friday. Zacks Investment Research raised Fitbit from a “sell” rating to a “hold” rating in a report on Wednesday, June 20th. Bank of America upped their price objective on Fitbit from $4.80 to $5.00 and gave the stock a “sell” rating in a report on Thursday, August 2nd. Finally, William Blair reaffirmed a “market perform” rating on shares of Fitbit in a report on Friday, September 21st. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $5.99.

NYSE FIT opened at $4.84 on Tuesday. Fitbit has a 12 month low of $4.46 and a 12 month high of $7.79. The company has a market capitalization of $1.15 billion, a P/E ratio of -7.45 and a beta of 1.78.

Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported ($0.22) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.02. Fitbit had a negative return on equity of 25.74% and a negative net margin of 23.70%. The company had revenue of $299.34 million for the quarter, compared to analysts’ expectations of $285.40 million. During the same period in the previous year, the firm earned ($0.08) EPS. The firm’s revenue was down 15.3% compared to the same quarter last year. As a group, analysts anticipate that Fitbit will post -0.7 earnings per share for the current year.

In other news, Director Steven Joseph Murray sold 1,000,000 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the transaction, the director now owns 42,332 shares of the company’s stock, valued at approximately $263,305.04. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Andy Missan sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $5.86, for a total value of $29,300.00. Following the transaction, the executive vice president now directly owns 169,381 shares in the company, valued at approximately $992,572.66. The disclosure for this sale can be found here. Insiders have sold a total of 1,030,000 shares of company stock worth $6,383,850 over the last ninety days. Insiders own 19.84% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new position in shares of Fitbit during the 2nd quarter valued at approximately $127,000. Xact Kapitalforvaltning AB increased its position in shares of Fitbit by 69.7% during the 1st quarter. Xact Kapitalforvaltning AB now owns 25,078 shares of the scientific and technical instruments company’s stock valued at $128,000 after purchasing an additional 10,300 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of Fitbit during the 2nd quarter valued at approximately $184,000. NumerixS Investment Technologies Inc bought a new position in shares of Fitbit during the 2nd quarter valued at approximately $191,000. Finally, Advisory Services Network LLC increased its position in shares of Fitbit by 3,952.3% during the 2nd quarter. Advisory Services Network LLC now owns 32,418 shares of the scientific and technical instruments company’s stock valued at $194,000 after purchasing an additional 31,618 shares during the last quarter. 61.57% of the stock is currently owned by hedge funds and other institutional investors.

Fitbit Company Profile

Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.

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Analyst Recommendations for Fitbit (NYSE:FIT)

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