Fitbit Inc (FIT) Short Interest Up 20.4% in January

Fitbit Inc (NYSE:FIT) was the target of a significant increase in short interest in January. As of January 12th, there was short interest totalling 37,601,345 shares, an increase of 20.4% from the December 29th total of 31,238,029 shares. Based on an average daily trading volume, of 6,473,583 shares, the days-to-cover ratio is currently 5.8 days. Currently, 19.5% of the shares of the stock are sold short.

Fitbit (NYSE:FIT) opened at $5.20 on Friday. The stock has a market capitalization of $1,230.00 and a price-to-earnings ratio of -3.15. Fitbit has a twelve month low of $4.90 and a twelve month high of $7.32.

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

In other Fitbit news, EVP Andy Missan sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $6.81, for a total value of $34,050.00. Following the completion of the sale, the executive vice president now owns 109,475 shares in the company, valued at $745,524.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven Joseph Murray sold 966,641 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $6.09, for a total value of $5,886,843.69. Following the completion of the sale, the director now owns 11,442 shares of the company’s stock, valued at approximately $69,681.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,006,841 shares of company stock valued at $6,142,404. 29.10% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of FIT. Schwab Charles Investment Management Inc. raised its holdings in Fitbit by 80.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 690,279 shares of the scientific and technical instruments company’s stock worth $3,666,000 after purchasing an additional 308,194 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Fitbit by 61.2% in the second quarter. Bank of New York Mellon Corp now owns 1,019,805 shares of the scientific and technical instruments company’s stock worth $5,415,000 after purchasing an additional 387,312 shares in the last quarter. Legal & General Group Plc raised its holdings in Fitbit by 26.5% in the second quarter. Legal & General Group Plc now owns 59,609 shares of the scientific and technical instruments company’s stock worth $317,000 after purchasing an additional 12,500 shares in the last quarter. Principal Financial Group Inc. bought a new position in Fitbit in the second quarter worth $114,000. Finally, JPMorgan Chase & Co. raised its holdings in Fitbit by 16.1% in the second quarter. JPMorgan Chase & Co. now owns 1,212,507 shares of the scientific and technical instruments company’s stock worth $6,438,000 after purchasing an additional 167,821 shares in the last quarter. Institutional investors and hedge funds own 60.14% of the company’s stock.

Several brokerages have weighed in on FIT. Stifel Nicolaus upgraded Fitbit from a “sell” rating to a “hold” rating and lowered their price objective for the company from $6.00 to $5.50 in a research report on Wednesday. Roth Capital initiated coverage on Fitbit in a research report on Friday, January 5th. They issued a “buy” rating and a $10.00 price objective for the company. Morgan Stanley set a $6.00 target price on Fitbit and gave the company a “hold” rating in a report on Friday, January 5th. Cleveland Research restated a “hold” rating on shares of Fitbit in a report on Thursday, December 21st. Finally, ValuEngine downgraded Fitbit from a “hold” rating to a “sell” rating in a report on Friday, December 15th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $7.06.

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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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