Fitbit Inc. (NYSE:FIT) was downgraded by Pacific Crest from a “sector weight” rating to an “underweight” rating in a research note issued on Thursday.
Other analysts also recently issued research reports about the stock. Dougherty & Co reiterated a “neutral” rating on shares of Fitbit in a report on Wednesday, June 1st. Vetr downgraded shares of Fitbit from a “strong-buy” rating to a “buy” rating and set a $16.51 target price for the company. in a report on Wednesday, August 3rd. Royal Bank Of Canada lowered their target price on shares of Fitbit from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, June 1st. Mizuho reiterated a “buy” rating and issued a $20.00 target price on shares of Fitbit in a report on Wednesday, August 3rd. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $31.00 target price on shares of Fitbit in a report on Wednesday, August 31st. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Fitbit currently has a consensus rating of “Buy” and an average price target of $22.70.
Shares of Fitbit (NYSE:FIT) opened at 16.70 on Thursday. The firm has a 50-day moving average of $15.33 and a 200 day moving average of $14.66. The firm has a market cap of $3.71 billion, a PE ratio of 35.23 and a beta of 3.30. Fitbit has a 52 week low of $11.65 and a 52 week high of $41.97.
Fitbit (NYSE:FIT) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.01. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The firm had revenue of $586.50 million for the quarter, compared to the consensus estimate of $578.48 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The business’s revenue was up 46.5% on a year-over-year basis. Equities research analysts predict that Fitbit will post $1.18 EPS for the current fiscal year.
In other Fitbit news, EVP Andy Missan sold 10,000 shares of Fitbit stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $12.35, for a total transaction of $123,500.00. Following the transaction, the executive vice president now directly owns 45,000 shares of the company’s stock, valued at $555,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Philip Douglas Black sold 50,000 shares of Fitbit stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $15.62, for a total transaction of $781,000.00. The disclosure for this sale can be found here. 37.29% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of FIT. Vanguard Group Inc. increased its position in Fitbit by 22.8% in the second quarter. Vanguard Group Inc. now owns 8,371,908 shares of the company’s stock valued at $102,305,000 after buying an additional 1,556,199 shares during the period. BlackRock Advisors LLC increased its position in Fitbit by 1.2% in the second quarter. BlackRock Advisors LLC now owns 2,780,488 shares of the company’s stock valued at $33,978,000 after buying an additional 33,971 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Fitbit by 73.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,755,321 shares of the company’s stock valued at $33,670,000 after buying an additional 1,163,567 shares during the period. Coatue Management LLC increased its position in Fitbit by 85.2% in the second quarter. Coatue Management LLC now owns 2,501,722 shares of the company’s stock valued at $30,571,000 after buying an additional 1,151,155 shares during the period. Finally, Bloom Tree Partners LLC acquired a new position in Fitbit during the first quarter valued at approximately $29,552,000. 55.41% of the stock is currently owned by hedge funds and other institutional investors.
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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