Fitbit, Inc. (FIT) Forecasted to Post Q3 2017 Earnings of ($0.08) Per Share

Fitbit, Inc. (NYSE:FIT) – Equities research analysts at Wedbush lifted their Q3 2017 earnings estimates for Fitbit in a research note issued on Thursday. Wedbush analyst M. Pachter now expects that the scientific and technical instruments company will earn ($0.08) per share for the quarter, up from their previous estimate of ($0.11). Wedbush currently has a “Neutral” rating and a $6.50 price target on the stock. Wedbush also issued estimates for Fitbit’s FY2017 earnings at ($0.58) EPS.

Several other research firms also recently commented on FIT. Vetr downgraded Fitbit from a “hold” rating to a “sell” rating and set a $6.67 price target for the company. in a report on Thursday, September 28th. ValuEngine upgraded Fitbit from a “strong sell” rating to a “sell” rating in a research report on Friday, September 15th. Dougherty & Co restated a “neutral” rating on shares of Fitbit in a research report on Wednesday, October 4th. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $8.00 price target on shares of Fitbit in a research report on Wednesday, October 4th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $6.00 price target on shares of Fitbit in a research report on Thursday, September 14th. Five analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $7.45.

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Shares of Fitbit (NYSE:FIT) opened at 6.10 on Monday. The firm has a 50 day moving average of $6.45 and a 200 day moving average of $6.45. Fitbit has a one year low of $4.90 and a one year high of $13.39. The stock’s market cap is $1.42 billion.

Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.07. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. 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 business posted $0.12 earnings per share. The business’s revenue was down 39.8% compared to the same quarter last year.

In related news, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $6.89, for a total transaction of $103,350.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $6.89, for a total value of $34,450.00. Following the transaction, the executive vice president now owns 105,133 shares in the company, valued at $724,366.37. The disclosure for this sale can be found here. In the last three months, insiders sold 570,000 shares of company stock valued at $3,324,250. Corporate insiders own 29.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in FIT. Thompson Davis & CO. Inc. purchased a new stake in shares of Fitbit in the third quarter worth about $346,000. Tocqueville Asset Management L.P. bought a new stake in Fitbit during the third quarter worth approximately $452,000. Canada Pension Plan Investment Board increased its stake in Fitbit by 1,113,802.8% during the third quarter. Canada Pension Plan Investment Board now owns 790,871 shares of the scientific and technical instruments company’s stock worth $5,504,000 after acquiring an additional 790,800 shares during the last quarter. Fortaleza Asset Management Inc. bought a new stake in Fitbit during the third quarter worth approximately $154,000. Finally, Sumitomo Mitsui Asset Management Company LTD increased its stake in Fitbit by 27.9% during the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 5,271,905 shares of the scientific and technical instruments company’s stock worth $36,692,000 after acquiring an additional 1,149,580 shares during the last quarter. Institutional investors and hedge funds own 55.20% of the company’s stock.

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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