A number of other research firms have also recently commented on FIT. TheStreet raised shares of Fitbit from a sell rating to a hold rating in a research report on Thursday, September 22nd. Vetr cut shares of Fitbit from a strong-buy rating to a buy rating and set a $18.46 price target on the stock. in a research report on Thursday, September 22nd. Pacific Crest cut shares of Fitbit from a sector weight rating to an underweight rating and increased their price target for the stock from $15.88 to $16.70 in a research report on Thursday, September 29th. Mizuho set a $20.00 price target on shares of Fitbit and gave the stock a buy rating in a research report on Thursday, September 29th. Finally, Longbow Research raised shares of Fitbit to a buy rating and set a $20.00 price target on the stock in a research report on Monday, September 19th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $22.11.
Shares of Fitbit (NYSE:FIT) traded up 0.74% on Tuesday, hitting $13.64. 1,260,288 shares of the stock were exchanged. The stock has a market cap of $3.03 billion, a PE ratio of 28.78 and a beta of 3.29. The company’s 50 day moving average is $14.99 and its 200-day moving average is $14.62. Fitbit has a 52-week low of $11.65 and a 52-week high of $41.97.
Fitbit (NYSE:FIT) last posted its earnings results on Tuesday, August 2nd. The company reported $0.12 EPS for the quarter, beating the Zacks’ 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 company had revenue of $586.50 million for the quarter, compared to analysts’ expectations of $578.48 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. Fitbit’s revenue for the quarter was up 46.5% compared to the same quarter last year. Analysts predict that Fitbit will post $1.18 EPS for the current fiscal year.
In related news, EVP Andy Missan sold 15,000 shares of Fitbit stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $15.00, for a total transaction of $225,000.00. Following the completion of the sale, the executive vice president now owns 50,000 shares in the company, valued at approximately $750,000. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steven Joseph Murray sold 848,088 shares of Fitbit stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $15.14, for a total value of $12,840,052.32. The disclosure for this sale can be found here. 37.29% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the company. Emerald Mutual Fund Advisers Trust boosted its stake in Fitbit by 1,264.8% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 171,315 shares of the company’s stock valued at $2,093,000 after buying an additional 158,763 shares during the period. Edmond DE Rothschild Italia SGR SPA boosted its stake in Fitbit by 92.7% in the first quarter. Edmond DE Rothschild Italia SGR SPA now owns 565,504 shares of the company’s stock valued at $8,567,000 after buying an additional 271,978 shares during the period. Commerzbank Aktiengesellschaft FI boosted its stake in Fitbit by 16.8% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 55,323 shares of the company’s stock valued at $676,000 after buying an additional 7,969 shares during the period. Friess Associates LLC acquired a new stake in Fitbit during the first quarter valued at approximately $6,817,000. Finally, Sterling Ridge Capital Management LP acquired a new stake in Fitbit during the first quarter valued at approximately $1,324,000. Hedge funds and other institutional investors own 55.54% of the company’s stock.
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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