Fitbit, Inc. (FIT) Upgraded by Vetr Inc. to Hold
Vetr upgraded shares of Fitbit, Inc. (NYSE:FIT) from a sell rating to a hold rating in a research note released on Wednesday. Vetr currently has $6.67 price target on the scientific and technical instruments company’s stock.
A number of other equities research analysts have also commented on FIT. ValuEngine upgraded shares of Fitbit from a strong sell rating to a sell rating in a report on Tuesday, August 1st. Cowen and Company set a $6.00 price objective on shares of Fitbit and gave the stock a hold rating in a report on Thursday, August 3rd. Deutsche Bank AG restated a hold rating and set a $5.50 price objective on shares of Fitbit in a report on Wednesday, August 9th. Zacks Investment Research upgraded shares of Fitbit from a hold rating to a buy rating and set a $7.25 price objective on the stock in a report on Tuesday, September 26th. Finally, Dougherty & Co restated a neutral rating on shares of Fitbit in a report on Wednesday, September 27th. Six investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $7.45.
Fitbit (NYSE FIT) traded down 1.457% during trading on Wednesday, reaching $6.425. The company’s stock had a trading volume of 4,191,934 shares. The firm’s market capitalization is $1.50 billion. The firm has a 50-day moving average price of $6.56 and a 200-day moving average price of $6.56. Fitbit has a 52 week low of $5.62 and a 52 week high of $14.94.
Fitbit (NYSE:FIT) last issued its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.07. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. The business had revenue of $353.30 million for the quarter, compared to analyst estimates of $341.24 million. During the same period last year, the business posted $0.12 earnings per share. The firm’s quarterly revenue was down 39.8% on a year-over-year basis. On average, equities analysts anticipate that Fitbit will post ($0.31) EPS for the current fiscal year.
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In related news, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $5.09, for a total transaction of $76,350.00. 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 Fitbit stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $5.68, for a total transaction of $28,400.00. Following the sale, the executive vice president now directly owns 80,332 shares of the company’s stock, valued at approximately $456,285.76. The disclosure for this sale can be found here. Insiders have sold a total of 585,000 shares of company stock worth $3,400,600 over the last 90 days. 29.10% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in FIT. Principal Financial Group Inc. bought a new stake in shares of Fitbit during the 2nd quarter worth about $114,000. Amalgamated Bank boosted its holdings 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 buying an additional 3,698 shares during the period. Kissinger Financial Services LLC bought a new stake in shares of Fitbit during the 2nd quarter worth about $153,000. Capital Fund Management S.A. bought a new stake in shares of Fitbit during the 2nd quarter worth about $157,000. Finally, Croft Leominster Inc. bought a new stake in shares of Fitbit during the 1st quarter worth about $166,000. 56.04% of the stock is owned by institutional investors and hedge funds.
Fitbit Company Profile
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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