Vetr downgraded shares of Fitbit, Inc. (NYSE:FIT) from a buy rating to a sell rating in a research note released on Wednesday morning. The firm currently has $4.83 target price on the scientific and technical instruments company’s stock.
FIT has been the topic of a number of other reports. Benchmark Co. began coverage on Fitbit in a report on Tuesday, April 25th. They issued a buy rating and a $10.00 price target on the stock. Longbow Research reaffirmed a neutral rating on shares of Fitbit in a research note on Tuesday, April 4th. SunTrust Banks, Inc. reaffirmed a buy rating and issued a $7.00 price objective on shares of Fitbit in a research note on Friday, April 14th. Zacks Investment Research raised Fitbit from a sell rating to a hold rating in a research note on Saturday, April 1st. Finally, Oppenheimer Holdings, Inc. reaffirmed an outperform rating and issued a $8.00 price objective on shares of Fitbit in a research note on Monday, June 26th. Six analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $8.28.
Shares of Fitbit (NYSE:FIT) opened at 5.72 on Wednesday. The company’s market capitalization is $1.31 billion. The stock’s 50 day moving average price is $5.37 and its 200 day moving average price is $6.10. Fitbit has a 12 month low of $4.90 and a 12 month high of $17.18.
Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported ($0.15) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.25) by $0.10. Fitbit had a negative return on equity of 14.57% and a negative net margin of 8.86%. The company had revenue of $298.94 million for the quarter, compared to analysts’ expectations of $277.48 million. On average, analysts forecast that Fitbit will post ($0.35) EPS for the current year.
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In other Fitbit news, EVP Andy Missan sold 10,000 shares of the company’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $5.57, for a total value of $55,700.00. Following the completion of the sale, the executive vice president now directly owns 62,702 shares in the company, valued at approximately $349,250.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven Joseph Murray sold 500,000 shares of the company’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $5.33, for a total value of $2,665,000.00. Following the completion of the sale, the director now owns 11,442 shares of the company’s stock, valued at $60,985.86. The disclosure for this sale can be found here. Insiders sold a total of 525,000 shares of company stock valued at $2,800,350 over the last quarter. Company insiders own 29.10% of the company’s stock.
Large investors have recently modified their holdings of the company. Kissinger Financial Services LLC purchased a new stake in shares of Fitbit during the second quarter valued at $153,000. DnB Asset Management AS boosted its stake in shares of Fitbit by 57.8% in the second quarter. DnB Asset Management AS now owns 16,352,508 shares of the scientific and technical instruments company’s stock valued at $86,832,000 after buying an additional 5,989,005 shares in the last quarter. UBS Oconnor LLC purchased a new stake in shares of Fitbit during the first quarter valued at $1,480,000. HighTower Advisors LLC purchased a new stake in shares of Fitbit during the first quarter valued at $185,000. Finally, Credit Suisse AG boosted its stake in shares of Fitbit by 150.3% in the first quarter. Credit Suisse AG now owns 473,673 shares of the scientific and technical instruments company’s stock valued at $2,804,000 after buying an additional 284,410 shares in the last quarter. Institutional investors and hedge funds own 56.14% of the company’s stock.
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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