Fitbit, Inc. (FIT) Raised to “Sell” at BidaskClub
BidaskClub upgraded shares of Fitbit, Inc. (NYSE:FIT) from a strong sell rating to a sell rating in a report released on Friday.
Several other research analysts have also issued reports on the stock. Vetr lowered shares of Fitbit from a strong-buy rating to a buy rating and set a $6.19 price target for the company. in a research note on Thursday, August 24th. Deutsche Bank AG reiterated a hold rating and issued a $5.50 price target on shares of Fitbit in a research note on Wednesday, August 9th. Zacks Investment Research upgraded shares of Fitbit from a hold rating to a buy rating and set a $6.50 price target for the company in a research note on Tuesday, August 8th. Oppenheimer Holdings, Inc. reiterated an outperform rating and issued a $8.00 price target on shares of Fitbit in a research note on Friday, August 4th. Finally, Benchmark Co. reiterated a buy rating on shares of Fitbit in a research note on Thursday, August 3rd. Six equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Fitbit presently has an average rating of Hold and a consensus target price of $7.96.
Shares of Fitbit (NYSE FIT) opened at 5.94 on Friday. Fitbit has a 52-week low of $4.90 and a 52-week high of $17.18. The company’s market cap is $1.38 billion. The company has a 50 day moving average of $5.51 and a 200-day moving average of $5.62.
Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.07. The company had revenue of $353.30 million during the quarter, compared to analyst estimates of $341.24 million. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. Fitbit’s quarterly revenue was down 39.8% compared to the same quarter last year. During the same period last year, the business earned $0.12 EPS. Analysts forecast that Fitbit will post ($0.31) EPS for the current fiscal year.
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In related news, EVP Andy Missan sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $5.57, for a total value of $55,700.00. Following the transaction, the executive vice president now owns 62,702 shares of the company’s stock, valued at $349,250.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven Joseph Murray sold 500,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $5.73, for a total transaction of $2,865,000.00. Following the completion of the transaction, the director now directly owns 11,442 shares in the company, valued at approximately $65,562.66. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 545,000 shares of company stock worth $3,105,100. Insiders own 29.10% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. AlpInvest Partners B.V. increased its position in Fitbit by 220.6% in the first 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 last quarter. Quantbot Technologies LP increased its position in Fitbit by 36.9% in the first 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 last quarter. Swiss National Bank increased its position in Fitbit by 10.3% in the first 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 last quarter. Sumitomo Mitsui Asset Management Company LTD acquired a new position in Fitbit during the first quarter worth about $24,404,000. Finally, UBS Oconnor LLC acquired a new position in Fitbit during the first quarter worth about $1,480,000. 56.04% of the stock is currently owned by institutional investors.
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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