Fitbit Inc (FIT) Posts Earnings Results, Beats Expectations By $0.03 EPS

Fitbit Inc (NYSE:FIT) announced its quarterly earnings results on Tuesday. The scientific and technical instruments company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03, Bloomberg Earnings reports. Fitbit had a negative net margin of 16.48% and a negative return on equity of 24.71%. The firm had revenue of $392.50 million during the quarter, compared to analyst estimates of $391.70 million. During the same period in the previous year, the business posted $0.19 earnings per share. The business’s revenue for the quarter was down 22.1% on a year-over-year basis.

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A number of equities analysts recently issued reports on FIT shares. Benchmark Co. reissued a “buy” rating on shares of Fitbit in a report on Thursday, August 3rd. Zacks Investment Research raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a report on Tuesday, August 8th. Vetr raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $5.79 price objective on the stock in a report on Wednesday, August 16th. Finally, Morgan Stanley dropped their price objective on shares of Fitbit from $7.00 to $6.50 and set an “equal weight” rating on the stock in a report on Monday, July 31st. Five analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $7.45.

In other Fitbit news, Director Glenda J. Flanagan bought 18,248 shares of the firm’s stock in a transaction dated Thursday, August 17th. The shares were purchased at an average price of $5.48 per share, for a total transaction of $99,999.04. Following the transaction, the director now directly owns 29,753 shares of the company’s stock, valued at approximately $163,046.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven Joseph Murray sold 500,000 shares of the 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 transaction, the director now owns 11,442 shares in the company, valued at approximately $65,562.66. The disclosure for this sale can be found here. Insiders have sold a total of 570,000 shares of company stock worth $3,324,250 in the last quarter. Insiders own 29.10% of the company’s stock.

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.

Earnings History for Fitbit (NYSE:FIT)

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