ValuEngine Downgrades Fitbit (FIT) to Sell
Fitbit (NYSE:FIT) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.
Several other brokerages have also recently weighed in on FIT. Zacks Investment Research raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research report on Tuesday, September 12th. Oppenheimer reissued an “outperform” rating and set a $8.00 price target on shares of Fitbit in a research report on Tuesday, August 29th. Dougherty & Co reissued a “neutral” rating on shares of Fitbit in a research report on Wednesday, October 4th. Vetr raised shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.56 price target on the stock in a research report on Monday, August 28th. Finally, Morgan Stanley boosted their price target on shares of Fitbit from $6.50 to $7.00 and gave the company an “equal weight” rating in a research report on Friday, October 20th. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $6.94.
Shares of Fitbit (NYSE:FIT) opened at $6.30 on Friday. Fitbit has a 1-year low of $4.90 and a 1-year high of $8.40.
In other Fitbit news, EVP Andy Missan sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $7.00, for a total value of $175,000.00. Following the transaction, the executive vice president now owns 110,133 shares of the company’s stock, valued at $770,931. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jon Callaghan sold 15,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $6.89, for a total transaction of $103,350.00. The disclosure for this sale can be found here. Insiders sold 1,051,841 shares of company stock worth $6,462,854 in the last ninety days. 29.10% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. purchased a new stake in Fitbit during the second quarter worth about $114,000. BB&T Securities LLC purchased a new stake in Fitbit during the third quarter worth about $116,000. Amalgamated Bank increased its stake in Fitbit by 20.1% during the second 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 during the period. Fortaleza Asset Management Inc. purchased a new stake in Fitbit during the third quarter worth about $154,000. Finally, Capital Fund Management S.A. purchased a new stake in Fitbit during the second quarter worth about $157,000. 58.36% of the stock is currently owned by institutional investors.
COPYRIGHT VIOLATION WARNING: “ValuEngine Downgrades Fitbit (FIT) to Sell” was reported by Watch List News and is the sole property of of Watch List News. If you are viewing this news story on another website, it was illegally copied and republished in violation of US & international copyright legislation. The correct version of this news story can be viewed at https://www.watchlistnews.com/valuengine-downgrades-fitbit-fit-to-sell/1768956.html.
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.
Receive News & Ratings for Fitbit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fitbit and related companies with MarketBeat.com's FREE daily email newsletter.