Fitbit (FIT) Cut to “Sell” at ValuEngine

ValuEngine cut shares of Fitbit (NYSE:FIT) from a hold rating to a sell rating in a research note published on Friday.

Other equities research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Fitbit from a hold rating to a buy rating and set a $7.00 price objective for the company in a research note on Tuesday, September 12th. Vetr lowered shares of Fitbit from a strong-buy rating to a buy rating and set a $6.19 target price for the company. in a research report on Thursday, August 24th. Finally, Morgan Stanley boosted their target price on shares of Fitbit from $6.50 to $7.00 and gave the stock an equal weight rating in a research report on Friday, October 20th. Five analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. Fitbit currently has a consensus rating of Hold and an average price target of $6.94.

Shares of Fitbit (NYSE:FIT) opened at $6.39 on Friday. Fitbit has a 52 week low of $4.90 and a 52 week high of $8.40.

Fitbit (NYSE:FIT) last released its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.03. Fitbit had a negative net margin of 23.35% and a negative return on equity of 28.33%. The business had revenue of $392.50 million during the quarter, compared to analyst estimates of $391.70 million. During the same quarter in the previous year, the business earned $0.19 EPS. Fitbit’s quarterly revenue was down 22.1% compared to the same quarter last year. research analysts forecast that Fitbit will post -0.49 earnings per share for the current fiscal year.

In other news, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $6.29, for a total transaction of $94,350.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Andy Missan sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $7.00, for a total transaction of $175,000.00. Following the transaction, the executive vice president now owns 110,133 shares in the company, valued at approximately $770,931. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,051,841 shares of company stock valued at $6,462,854. Company insiders own 29.10% of the company’s stock.

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Fitbit by 13.9% in the second quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock valued at $68,012,000 after acquiring an additional 1,567,672 shares during the period. Allianz Asset Management GmbH increased its stake in Fitbit by 25.2% in the third quarter. Allianz Asset Management GmbH now owns 5,440,776 shares of the scientific and technical instruments company’s stock valued at $37,868,000 after acquiring an additional 1,096,000 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its stake in Fitbit by 27.9% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 5,271,905 shares of the scientific and technical instruments company’s stock valued at $36,692,000 after acquiring an additional 1,149,580 shares during the period. Renaissance Technologies LLC increased its stake in Fitbit by 193.6% in the second quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock valued at $25,178,000 after acquiring an additional 3,126,706 shares during the period. Finally, State Street Corp increased its stake in Fitbit by 68.0% in the second quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock valued at $17,686,000 after acquiring an additional 1,348,058 shares during the period. Institutional investors own 58.36% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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