Shares of Fitbit Inc (NYSE:FIT) have earned an average rating of “Hold” from the fifteen research firms that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $5.83.

Several equities analysts have recently issued reports on FIT shares. Morgan Stanley set a $4.00 price target on Fitbit and gave the company a “sell” rating in a research note on Thursday, November 1st. Wedbush lifted their price target on Fitbit from $6.00 to $7.00 and gave the company a “hold” rating in a research note on Thursday, August 2nd. Zacks Investment Research lowered Fitbit from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. William Blair reiterated a “market perform” rating on shares of Fitbit in a research note on Friday, September 21st. Finally, MED upgraded Fitbit from a “neutral” rating to an “outperform” rating and set a $6.50 price target on the stock in a research note on Friday, October 12th.

In related news, Director Steven Joseph Murray sold 1,000,000 shares of the business’s stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $6.19, for a total transaction of $6,190,000.00. Following the sale, the director now owns 42,332 shares in the company, valued at approximately $262,035.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andy Missan sold 7,500 shares of the business’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $5.94, for a total value of $44,550.00. Following the sale, the executive vice president now owns 161,881 shares in the company, valued at approximately $961,573.14. The disclosure for this sale can be found here. Insiders have sold a total of 2,025,034 shares of company stock worth $12,547,741 in the last 90 days. 19.84% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of FIT. Xact Kapitalforvaltning AB grew its position in 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 worth $128,000 after acquiring an additional 10,300 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in Fitbit during the 2nd quarter worth $184,000. Advisory Services Network LLC grew its position in 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 worth $194,000 after acquiring an additional 31,618 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Fitbit in the 2nd quarter valued at about $421,000. Finally, Alps Advisors Inc. grew its position in shares of Fitbit by 91.6% in the 2nd quarter. Alps Advisors Inc. now owns 45,524 shares of the scientific and technical instruments company’s stock valued at $297,000 after buying an additional 21,770 shares during the last quarter. Institutional investors and hedge funds own 62.21% of the company’s stock.

Shares of NYSE FIT opened at $5.31 on Friday. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -8.17 and a beta of 1.65. Fitbit has a fifty-two week low of $4.23 and a fifty-two week high of $7.79.

Fitbit (NYSE:FIT) last announced its quarterly earnings data on Wednesday, October 31st. The scientific and technical instruments company reported $0.04 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.05. Fitbit had a negative return on equity of 24.69% and a negative net margin of 16.32%. The firm had revenue of $393.60 million during the quarter, compared to analysts’ expectations of $381.25 million. During the same period in the previous year, the firm earned ($0.01) EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. Equities research analysts anticipate that Fitbit will post -0.64 earnings per share for the current fiscal year.

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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