Fitbit, Inc. (NYSE:FIT) was the target of a large drop in short interest in August. As of August 15th, there was short interest totalling 38,696,099 shares, a drop of 9.6% from the July 31st total of 42,828,090 shares. Approximately 24.0% of the shares of the stock are short sold. Based on an average daily volume of 9,051,529 shares, the short-interest ratio is currently 4.3 days.

Several analysts have commented on FIT shares. BidaskClub raised shares of Fitbit from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 19th. Dougherty & Co reaffirmed a “neutral” rating on shares of Fitbit in a research note on Monday, May 8th. Raymond James Financial, Inc. reaffirmed an “outperform” rating and issued a $9.00 target price on shares of Fitbit in a research note on Monday, May 8th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $6.00 target price (down from $7.00) on shares of Fitbit in a research note on Friday, June 23rd. Finally, ValuEngine raised shares of Fitbit from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 1st. Six research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $7.96.

In other Fitbit news, Director Christopher B. Paisley acquired 25,000 shares of the company’s stock in a transaction dated Monday, June 5th. The stock was acquired at an average cost of $5.39 per share, with a total value of $134,750.00. Following the purchase, the director now directly owns 36,442 shares in the company, valued at approximately $196,422.38. The acquisition 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 transaction, the director now directly owns 11,442 shares of the company’s stock, valued at $65,562.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 545,000 shares of company stock valued at $3,105,100. Corporate insiders own 29.10% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. purchased a new position in shares of Fitbit during the second quarter worth $114,000. Amalgamated Bank increased its position in Fitbit by 20.1% in the second quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after buying an additional 3,698 shares in the last quarter. Kissinger Financial Services LLC bought a new position in Fitbit during the second quarter valued at approximately $153,000. Capital Fund Management S.A. bought a new position in Fitbit during the second quarter valued at approximately $157,000. Finally, Croft Leominster Inc. bought a new position in Fitbit during the first quarter valued at approximately $166,000. Institutional investors and hedge funds own 56.04% of the company’s stock.

Fitbit (NYSE FIT) opened at 5.93 on Wednesday. Fitbit has a 12-month low of $4.90 and a 12-month high of $17.18. The company’s 50 day moving average is $5.51 and its 200 day moving average is $5.62. The firm’s market cap is $1.38 billion.

Fitbit (NYSE:FIT) last issued its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.07. The business had revenue of $353.30 million for the quarter, compared to the consensus estimate of $341.24 million. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. The firm’s revenue for the quarter was down 39.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 earnings per share. On average, equities analysts anticipate that Fitbit will post ($0.31) earnings per share for the current year.

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About Fitbit

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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