Fitbit Inc (NYSE:FIT) shares rose 6.4% during mid-day trading on Tuesday . The company traded as high as $5.85 and last traded at $5.80. Approximately 5,151,525 shares were traded during trading, a decline of 13% from the average daily volume of 5,939,009 shares. The stock had previously closed at $5.45.

FIT has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Fitbit from a “sell” rating to a “hold” rating in a research report on Wednesday, May 23rd. ValuEngine upgraded shares of Fitbit from a “hold” rating to a “buy” rating in a research report on Tuesday, June 5th. Morgan Stanley set a $4.00 target price on shares of Fitbit and gave the company a “sell” rating in a research report on Thursday, June 7th. Wedbush set a $6.00 target price on shares of Fitbit and gave the company a “hold” rating in a research report on Saturday, June 9th. Finally, William Blair initiated coverage on shares of Fitbit in a research report on Wednesday, June 20th. They set a “market perform” rating on the stock. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $6.12.

The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -8.68 and a beta of 1.77.

Fitbit (NYSE:FIT) last announced its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. The business had revenue of $299.34 million for the quarter, compared to the consensus estimate of $285.40 million. Fitbit had a negative net margin of 23.70% and a negative return on equity of 25.74%. Fitbit’s revenue for the quarter was down 15.3% on a year-over-year basis. During the same period last year, the company posted ($0.08) EPS. equities research analysts forecast that Fitbit Inc will post -0.7 earnings per share for the current fiscal year.

In related news, Director Steven Joseph Murray sold 1,000,000 shares of the stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the director now directly owns 42,332 shares in the company, valued at approximately $263,305.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $5.86, for a total transaction of $29,300.00. Following the sale, the executive vice president now owns 169,381 shares in the company, valued at $992,572.66. The disclosure for this sale can be found here. Insiders sold a total of 1,027,500 shares of company stock worth $6,380,550 over the last quarter. 19.84% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. Xact Kapitalforvaltning AB raised its holdings in Fitbit by 30.3% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 32,678 shares of the scientific and technical instruments company’s stock worth $213,000 after buying an additional 7,600 shares during the period. Commerzbank Aktiengesellschaft FI raised its holdings in Fitbit by 2.8% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 358,767 shares of the scientific and technical instruments company’s stock worth $2,343,000 after buying an additional 9,778 shares during the period. Cetera Advisor Networks LLC raised its holdings in Fitbit by 14.6% during the 1st quarter. Cetera Advisor Networks LLC now owns 87,672 shares of the scientific and technical instruments company’s stock worth $444,000 after buying an additional 11,200 shares during the period. Cubist Systematic Strategies LLC raised its holdings in Fitbit by 22.1% during the 1st quarter. Cubist Systematic Strategies LLC now owns 62,248 shares of the scientific and technical instruments company’s stock worth $317,000 after buying an additional 11,258 shares during the period. Finally, MetLife Investment Advisors LLC raised its holdings in Fitbit by 14.5% during the 2nd quarter. MetLife Investment Advisors LLC now owns 95,538 shares of the scientific and technical instruments company’s stock worth $624,000 after buying an additional 12,109 shares during the period. Hedge funds and other institutional investors own 61.58% of the company’s stock.

Fitbit Company Profile (NYSE:FIT)

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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