Brokerages Set Fitbit Inc (FIT) Target Price at $5.85

Shares of Fitbit Inc (NYSE:FIT) have received a consensus recommendation of “Hold” from the fifteen brokerages that are currently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $5.83.

Several analysts have issued reports on FIT shares. Morgan Stanley dropped coverage on shares of Fitbit in a research report on Thursday, September 13th. ValuEngine lowered shares of Fitbit from a “buy” rating to a “hold” rating in a research report on Tuesday, October 16th. Wedbush raised shares of Fitbit from a “neutral” rating to an “outperform” rating and set a $7.00 price target on the stock in a research report on Friday, October 12th. Bank of America increased their price objective on shares of Fitbit from $4.80 to $5.00 and gave the company a “sell” rating in a research report on Thursday, August 2nd. Finally, William Blair reissued a “market perform” rating on shares of Fitbit in a research report on Friday, September 21st.

In other news, Director Steven Joseph Murray sold 1,000,000 shares of the stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the transaction, the director now directly owns 42,332 shares of the company’s stock, valued at $263,305.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andy Missan sold 5,000 shares of the stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $5.86, for a total transaction of $29,300.00. Following the completion of the transaction, the executive vice president now directly owns 169,381 shares in the company, valued at $992,572.66. The disclosure for this sale can be found here. Insiders sold 1,030,000 shares of company stock worth $6,383,850 over the last three months. Insiders own 19.84% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. GWM Advisors LLC acquired a new position in shares of Fitbit in the third quarter valued at about $144,000. Alps Advisors Inc. grew its stake in shares of Fitbit by 101.9% in the third quarter. Alps Advisors Inc. now owns 91,916 shares of the scientific and technical instruments company’s stock valued at $492,000 after acquiring an additional 46,392 shares in the last quarter. Nisa Investment Advisors LLC acquired a new position in shares of Fitbit in the third quarter valued at about $1,077,000. DNB Asset Management AS grew its stake in shares of Fitbit by 24.4% in the third quarter. DNB Asset Management AS now owns 21,302,221 shares of the scientific and technical instruments company’s stock valued at $113,967,000 after acquiring an additional 4,183,045 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Fitbit by 8.4% in the second quarter. Northern Trust Corp now owns 2,349,545 shares of the scientific and technical instruments company’s stock valued at $15,343,000 after acquiring an additional 181,439 shares in the last quarter. Institutional investors and hedge funds own 62.15% of the company’s stock.

NYSE FIT opened at $4.33 on Tuesday. Fitbit has a 1 year low of $4.23 and a 1 year high of $7.79. The firm has a market cap of $976.25 million, a price-to-earnings ratio of -6.66 and a beta of 1.78.

Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. Fitbit had a negative net margin of 23.70% and a negative return on equity of 25.74%. The firm had revenue of $299.34 million for the quarter, compared to analyst estimates of $285.40 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. The company’s quarterly revenue was down 15.3% compared to the same quarter last year. On average, equities analysts anticipate that Fitbit will post -0.69 EPS for the current fiscal year.

About Fitbit

Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.

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Analyst Recommendations for Fitbit (NYSE:FIT)

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