Fitbit (FIT) Trading Down 6.3% After Insider Selling

Fitbit Inc (NYSE:FIT)’s share price was down 6.3% during mid-day trading on Friday following insider selling activity. The company traded as low as $5.90 and last traded at $5.96. Approximately 7,691,805 shares were traded during trading, an increase of 23% from the average daily volume of 6,263,989 shares. The stock had previously closed at $6.36.

Specifically, EVP Andy Missan sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $5.43, for a total transaction of $54,300.00. Following the transaction, the executive vice president now owns 154,381 shares in the company, valued at approximately $838,288.83. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Steven Joseph Murray sold 1,000,000 shares of the business’s stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $6.19, for a total transaction of $6,190,000.00. Following the transaction, the director now owns 42,332 shares in the company, valued at approximately $262,035.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,025,000 shares of company stock worth $12,544,550. Insiders own 19.84% of the company’s stock.

Several research analysts have recently issued reports on FIT shares. ValuEngine downgraded shares of Fitbit from a “buy” rating to a “hold” rating in a report on Saturday, July 14th. Stifel Nicolaus boosted their price objective on shares of Fitbit from $5.50 to $6.00 and gave the stock a “hold” rating in a report on Thursday, August 2nd. Wedbush boosted their price objective on shares of Fitbit from $6.00 to $7.00 and gave the stock a “hold” rating in a report on Thursday, August 2nd. Bank of America upped their target price on shares of Fitbit from $4.80 to $5.00 and gave the company a “sell” rating in a research note on Thursday, August 2nd. Finally, Robert W. Baird reissued a “hold” rating and issued a $6.00 target price on shares of Fitbit in a research note on Thursday, August 2nd. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $5.83.

The company has a market cap of $1.36 billion, a price-to-earnings ratio of -9.15 and a beta of 1.65.

Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.04 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.05. The business had revenue of $393.60 million for the quarter, compared to analysts’ expectations of $381.25 million. Fitbit had a negative net margin of 16.32% and a negative return on equity of 24.69%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. Equities research analysts expect that Fitbit Inc will post -0.65 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the business. DNB Asset Management AS boosted its position in 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 buying an additional 4,183,045 shares in the last quarter. BlackRock Inc. boosted its position in Fitbit by 3.8% in the third quarter. BlackRock Inc. now owns 15,724,223 shares of the scientific and technical instruments company’s stock valued at $84,127,000 after buying an additional 582,169 shares in the last quarter. Renaissance Technologies LLC boosted its position in Fitbit by 12.6% in the second quarter. Renaissance Technologies LLC now owns 8,156,285 shares of the scientific and technical instruments company’s stock valued at $53,261,000 after buying an additional 909,585 shares in the last quarter. Allianz Asset Management GmbH boosted its position in Fitbit by 11.1% in the first quarter. Allianz Asset Management GmbH now owns 6,751,296 shares of the scientific and technical instruments company’s stock valued at $34,432,000 after buying an additional 672,285 shares in the last quarter. Finally, Artemis Investment Management LLP boosted its position in Fitbit by 16.7% in the third quarter. Artemis Investment Management LLP now owns 4,040,840 shares of the scientific and technical instruments company’s stock valued at $21,635,000 after buying an additional 578,840 shares in the last quarter. Hedge funds and other institutional investors own 62.18% of the company’s stock.

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Fitbit Company Profile (NYSE:FIT)

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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