Fitbit, Inc. (FIT) Downgraded by Vetr Inc.

Vetr cut shares of Fitbit, Inc. (NYSE:FIT) from a strong-buy rating to a hold rating in a research report sent to investors on Thursday. The brokerage currently has $6.72 price target on the scientific and technical instruments company’s stock.

Several other equities research analysts also recently weighed in on FIT. Deutsche Bank AG reduced their price target on shares of Fitbit from $6.50 to $6.00 and set a hold rating for the company in a research report on Monday, May 15th. Longbow Research reissued a hold rating on shares of Fitbit in a research report on Saturday, May 27th. ValuEngine raised shares of Fitbit from a strong sell rating to a sell rating in a research report on Friday, June 2nd. Dougherty & Co reissued a neutral rating on shares of Fitbit in a research report on Saturday, June 3rd. Finally, Citigroup Inc. reissued a sell rating and set a $5.00 price target on shares of Fitbit in a research report on Tuesday, June 6th. Six investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company. The company has an average rating of Hold and a consensus target price of $7.97.

Fitbit (NYSE FIT) opened at 6.29 on Thursday. Fitbit has a 12-month low of $4.90 and a 12-month high of $17.18. The company’s market capitalization is $1.47 billion. The stock has a 50 day moving average price of $5.63 and a 200 day moving average price of $5.63.

Fitbit (NYSE:FIT) last announced its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.07. The company had revenue of $353.30 million during 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 quarterly revenue was down 39.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.12 earnings per share. On average, analysts expect that Fitbit will post ($0.31) EPS for the current year.

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In related news, Director Steven Joseph Murray sold 500,000 shares of Fitbit stock in a transaction on Monday, August 7th. The shares were sold at an average price of $5.73, for a total transaction of $2,865,000.00. Following the transaction, the director now owns 11,442 shares in the company, valued at approximately $65,562.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction on Friday, August 4th. The shares were sold at an average price of $5.68, for a total transaction of $28,400.00. Following the transaction, the executive vice president now owns 80,332 shares in the company, valued at approximately $456,285.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 555,000 shares of company stock valued at $3,167,450. Insiders own 29.10% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in FIT. DnB Asset Management AS lifted its stake in shares of Fitbit by 57.8% during the 2nd 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. Renaissance Technologies LLC lifted its stake in shares of Fitbit by 193.6% during the 2nd quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock valued at $25,178,000 after buying an additional 3,126,706 shares in the last quarter. Gluskin Sheff & Assoc Inc. purchased a new position in shares of Fitbit during the 1st quarter valued at $14,361,000. Vanguard Group Inc. lifted its stake in shares of Fitbit by 13.9% during the 2nd quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock valued at $68,012,000 after buying an additional 1,567,672 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of Fitbit by 68.0% during the 2nd quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock valued at $17,686,000 after buying an additional 1,348,058 shares in the last quarter. Institutional investors own 56.04% 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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Fitbit (NYSE:FIT)

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