Positive Press Coverage Somewhat Unlikely to Impact Fitbit (FIT) Stock Price

News stories about Fitbit (NYSE:FIT) have trended positive this week, according to Accern. Accern scores the sentiment of press coverage by reviewing more than twenty million blog and news sources in real-time. Accern ranks coverage of companies on a scale of negative one to positive one, with scores nearest to one being the most favorable. Fitbit earned a media sentiment score of 0.26 on Accern’s scale. Accern also assigned media stories about the scientific and technical instruments company an impact score of 45.3650544077047 out of 100, indicating that recent press coverage is somewhat unlikely to have an impact on the company’s share price in the next few days.

These are some of the news articles that may have effected Accern Sentiment Analysis’s scoring:

Shares of Fitbit (NYSE FIT) opened at 5.57 on Friday. The firm’s 50-day moving average price is $5.48 and its 200 day moving average price is $5.69. The stock’s market cap is $1.28 billion. Fitbit has a one year low of $4.90 and a one year high of $17.18.

Fitbit (NYSE:FIT) last announced its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.07. Fitbit had a negative return on equity of 20.15% and a negative net margin of 13.79%. The business had revenue of $353.30 million for the quarter, compared to analyst estimates of $341.24 million. During the same period in the previous year, the company earned $0.12 earnings per share. The company’s revenue for the quarter was down 39.8% compared to the same quarter last year. Equities research analysts expect that Fitbit will post ($0.31) EPS for the current fiscal year.

A number of analysts have recently issued reports on the company. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $8.00 price target on shares of Fitbit in a research note on Monday, June 26th. Zacks Investment Research raised Fitbit from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research note on Monday, May 8th. Dougherty & Co reaffirmed a “neutral” rating on shares of Fitbit in a research note on Monday, May 8th. ValuEngine raised Fitbit from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. Finally, Raymond James Financial, Inc. reaffirmed an “outperform” rating and issued a $9.00 price target on shares of Fitbit in a research note on Monday, May 8th. Six research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $7.93.

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In related news, Director Steven Joseph Murray sold 500,000 shares of the business’s stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $5.33, for a total value of $2,665,000.00. Following the completion of the sale, the director now directly owns 11,442 shares of the company’s stock, valued at $60,985.86. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $5.31, for a total value of $79,650.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,045,000 shares of company stock worth $5,770,100. Corporate 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.

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