BidaskClub Downgrades Fitbit, Inc. (FIT) to Strong Sell

BidaskClub lowered shares of Fitbit, Inc. (NYSE:FIT) from a sell rating to a strong sell rating in a report released on Tuesday, August 1st.

Other equities analysts also recently issued research reports about the company. Benchmark Co. started coverage on Fitbit in a research report on Tuesday, April 25th. They issued a buy rating and a $10.00 target price on the stock. SunTrust Banks, Inc. reissued a buy rating and set a $7.00 price target on shares of Fitbit in a research report on Friday, April 14th. 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 report on Monday, May 8th. Vetr downgraded Fitbit from a strong-buy rating to a buy rating and set a $5.84 price target on the stock. in a research report on Monday, June 26th. Finally, Morgan Stanley reduced their price target on Fitbit from $7.00 to $6.50 and set an equal weight rating on the stock in a research report on Monday, July 31st. Six investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $7.93.

Shares of Fitbit (NYSE:FIT) opened at 5.23 on Tuesday. Fitbit has a one year low of $4.90 and a one year high of $17.18. The stock’s 50 day moving average price is $5.49 and its 200 day moving average price is $5.64. The firm’s market cap is $1.22 billion.

Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.07. Fitbit had a negative return on equity of 20.67% and a negative net margin of 13.79%. The company had revenue of $353.30 million for the quarter, compared to the consensus estimate of $341.24 million. During the same quarter in the prior year, the business earned $0.12 earnings per share. The firm’s revenue for the quarter was down 39.8% on a year-over-year basis. On average, equities analysts anticipate that Fitbit will post ($0.31) earnings per share for the current fiscal year.

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In related news, Director Christopher B. Paisley purchased 25,000 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The stock was bought at an average cost of $5.39 per share, with a total value of $134,750.00. Following the completion of the purchase, the director now directly owns 36,442 shares in the company, valued at $196,422.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven Joseph Murray sold 500,000 shares of the stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $5.33, for a total transaction of $2,665,000.00. Following the completion of the transaction, the director now directly owns 11,442 shares of the company’s stock, valued at $60,985.86. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,045,000 shares of company stock valued at $5,770,100. Insiders own 29.10% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. State Street Corp increased its position in shares of Fitbit by 14.0% in the fourth quarter. State Street Corp now owns 1,631,848 shares of the scientific and technical instruments company’s stock worth $11,946,000 after buying an additional 199,927 shares in the last quarter. Guggenheim Capital LLC boosted its stake in Fitbit by 6.7% in the fourth quarter. Guggenheim Capital LLC now owns 36,211 shares of the scientific and technical instruments company’s stock worth $266,000 after buying an additional 2,264 shares during the last quarter. Norges Bank purchased a new stake in Fitbit during the fourth quarter worth approximately $8,678,000. DnB Asset Management AS boosted its stake in Fitbit by 81.2% in the first quarter. DnB Asset Management AS now owns 10,363,503 shares of the scientific and technical instruments company’s stock worth $61,352,000 after buying an additional 4,644,977 shares during the last quarter. Finally, Hamilton Lane Advisors LLC boosted its stake in shares of Fitbit by 18.7% in the first quarter. Hamilton Lane Advisors LLC now owns 241,234 shares of the scientific and technical instruments company’s stock valued at $1,428,000 after buying an additional 37,961 shares in the last quarter. 55.86% of the stock is owned by institutional investors and hedge funds.

Fitbit Company Profile

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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