Fitbit, Inc. (FIT) Receives Average Recommendation of “Hold” from Brokerages
Fitbit, Inc. (NYSE:FIT) has been given a consensus recommendation of “Hold” by the twenty-four ratings firms that are covering the stock, Marketbeat reports. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $7.11.
FIT has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $7.00 price objective on the stock in a report on Tuesday, September 12th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $8.00 price target on shares of Fitbit in a report on Tuesday, August 29th. Dougherty & Co reaffirmed a “neutral” rating on shares of Fitbit in a report on Wednesday, October 4th. Vetr upgraded shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.56 price objective for the company in a research report on Monday, August 28th. Finally, ValuEngine upgraded shares of Fitbit from a “strong sell” rating to a “sell” rating in a research report on Friday, September 15th.
Fitbit (FIT) traded up $0.02 during trading on Monday, hitting $6.04. 3,233,975 shares of the stock traded hands, compared to its average volume of 5,540,000. Fitbit has a 1 year low of $4.90 and a 1 year high of $9.75.
Fitbit (NYSE:FIT) last issued its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The company had revenue of $392.50 million during the quarter, compared to the consensus estimate of $391.70 million. Fitbit had a negative net margin of 23.35% and a negative return on equity of 27.36%. Fitbit’s revenue for the quarter was down 22.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.19 earnings per share. sell-side analysts expect that Fitbit will post -0.52 EPS for the current fiscal year.
In other Fitbit news, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction on Friday, September 1st. The stock was sold at an average price of $5.90, for a total transaction of $88,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Glenda J. Flanagan purchased 18,248 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was acquired at an average cost of $5.48 per share, with a total value of $99,999.04. Following the completion of the acquisition, the director now directly owns 29,753 shares of the company’s stock, valued at $163,046.44. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 85,000 shares of company stock worth $556,650. Insiders own 29.10% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. bought a new stake in Fitbit in the 2nd quarter valued at approximately $114,000. Amalgamated Bank raised its stake in shares of Fitbit by 20.1% during the 2nd quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock worth $117,000 after purchasing an additional 3,698 shares in the last quarter. Kissinger Financial Services LLC bought a new stake in shares of Fitbit during the 2nd quarter worth approximately $153,000. Fortaleza Asset Management Inc. bought a new stake in shares of Fitbit during the 3rd quarter worth approximately $154,000. Finally, Capital Fund Management S.A. bought a new stake in Fitbit in the 2nd quarter valued at $157,000. Institutional investors and hedge funds own 56.23% of the company’s stock.
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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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