Brokerages Set Fitbit, Inc. (FIT) Price Target at $7.30

Shares of Fitbit, Inc. (NYSE:FIT) have been given an average recommendation of “Hold” by the twenty-seven brokerages that are presently covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $7.29.

Several brokerages recently weighed in on FIT. Vetr upgraded shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $5.79 price objective on the stock in a research report on Wednesday, August 2nd. Cowen and Company set a $6.00 price target on shares of Fitbit and gave the stock a “hold” rating in a research report on Thursday, August 3rd. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $8.00 price target on shares of Fitbit in a research report on Monday, June 26th. Morgan Stanley dropped their price target on shares of Fitbit from $7.00 to $6.50 and set an “equal weight” rating on the stock in a research report on Monday, July 31st. Finally, Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.50 price target on the stock in a research report on Tuesday, August 8th.

In other Fitbit news, Director Steven Joseph Murray sold 500,000 shares of Fitbit stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $5.73, for a total value of $2,865,000.00. Following the completion of the sale, the director now directly owns 11,442 shares in the company, valued at $65,562.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $5.31, for a total transaction of $79,650.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 555,000 shares of company stock valued at $3,167,450. 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. DnB Asset Management AS lifted its stake in 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 acquiring an additional 5,989,005 shares during the last quarter. Vanguard Group Inc. lifted its stake in Fitbit by 13.9% in the second 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 acquiring an additional 1,567,672 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Fitbit by 193.6% in the second 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 acquiring an additional 3,126,706 shares during the last quarter. State Street Corp lifted its stake in Fitbit by 68.0% in the second 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 acquiring an additional 1,348,058 shares during the last quarter. Finally, Quinn Opportunity Partners LLC lifted its stake in Fitbit by 3.0% in the second quarter. Quinn Opportunity Partners LLC now owns 2,573,690 shares of the scientific and technical instruments company’s stock valued at $13,666,000 after acquiring an additional 75,100 shares during the last quarter. Hedge funds and other institutional investors own 56.04% of the company’s stock.

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Shares of Fitbit (FIT) traded up 0.48% on Friday, hitting $6.27. 5,799,080 shares of the stock were exchanged. Fitbit has a one year low of $5.62 and a one year high of $17.18. The firm’s market cap is $1.46 billion. The firm’s 50 day moving average price is $6.49 and its 200 day moving average price is $6.49.

Fitbit (NYSE:FIT) last issued its quarterly earnings data 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 firm 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%. Fitbit’s quarterly revenue was down 39.8% compared to the same quarter last year. During the same period last year, the firm posted $0.12 EPS. Equities analysts anticipate that Fitbit will post ($0.31) earnings per share for the current year.

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.

Analyst Recommendations for Fitbit (NYSE:FIT)

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