Fitbit, Inc. (FIT) Given Average Rating of “Hold” by Analysts

Fitbit, Inc. (NYSE:FIT) has been given a consensus rating of “Hold” by the twenty-seven brokerages that are covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a sell recommendation, thirteen have given a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $7.21.

Several research analysts have recently weighed in on the company. Stifel Nicolaus restated a “hold” rating and issued a $7.00 price target on shares of Fitbit in a research note on Thursday, May 4th. Dougherty & Co restated a “neutral” rating on shares of Fitbit in a research note on Saturday, June 3rd. Deutsche Bank AG decreased their price target on Fitbit from $6.50 to $5.50 and set a “hold” rating for the company in a research note on Thursday, August 3rd. Benchmark Co. restated a “buy” rating on shares of Fitbit in a research note on Thursday, August 3rd. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $8.00 price objective on shares of Fitbit in a report on Friday, August 4th.

In other Fitbit news, EVP Andy Missan sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $5.68, for a total transaction of $28,400.00. Following the sale, the executive vice president now directly owns 80,332 shares in the company, valued at $456,285.76. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steven Joseph Murray sold 500,000 shares of the company’s 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 sale, the director now owns 11,442 shares in the company, valued at $65,562.66. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,045,000 shares of company stock worth $5,770,100. Company insiders own 29.10% of the company’s stock.

Several large investors have recently modified their holdings of FIT. State Street Corp increased its stake 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 valued at $11,946,000 after buying an additional 199,927 shares during the last quarter. Guggenheim Capital LLC increased its stake in shares of 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 valued at $266,000 after buying an additional 2,264 shares during the last quarter. Norges Bank acquired a new stake in shares of Fitbit during the fourth quarter valued at $8,678,000. DnB Asset Management AS increased its stake in shares of 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 valued at $61,352,000 after buying an additional 4,644,977 shares during the last quarter. Finally, Hamilton Lane Advisors LLC increased 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 during the last quarter. Hedge funds and other institutional investors own 55.71% of the company’s stock.

Shares of Fitbit (NYSE:FIT) traded down 1.330% on Friday, reaching $5.565. The company’s stock had a trading volume of 2,193,283 shares. The company’s market cap is $1.28 billion. Fitbit has a 52-week low of $4.90 and a 52-week high of $17.18. The stock has a 50-day moving average of $5.46 and a 200 day moving average of $5.71.

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

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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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