Fitbit Inc (FIT) Given Consensus Recommendation of “Hold” by Brokerages

Fitbit Inc (NYSE:FIT) has earned an average rating of “Hold” from the twenty-four ratings firms that are currently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $6.88.

A number of research firms have recently commented on FIT. Morgan Stanley set a $6.00 target price on Fitbit and gave the stock a “hold” rating in a research report on Friday, January 5th. Zacks Investment Research cut Fitbit from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Vetr cut Fitbit from a “hold” rating to a “sell” rating and set a $6.67 target price on the stock. in a research report on Thursday, September 28th. Dougherty & Co reiterated a “neutral” rating on shares of Fitbit in a research report on Wednesday, September 27th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $6.00 target price on shares of Fitbit in a research report on Friday, November 3rd.

In related news, EVP Andy Missan sold 5,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $6.29, for a total value of $31,450.00. Following the transaction, the executive vice president now owns 109,475 shares in the company, valued at approximately $688,597.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $94,350.00. The disclosure for this sale can be found here. Insiders sold a total of 1,026,841 shares of company stock worth $6,268,204 in the last 90 days. 29.10% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC increased its position in Fitbit by 5.6% during the 2nd quarter. HighTower Advisors LLC now owns 32,831 shares of the scientific and technical instruments company’s stock worth $174,000 after purchasing an additional 1,735 shares during the period. Amalgamated Bank increased its position in Fitbit by 20.1% during the 2nd quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock worth $117,000 after purchasing an additional 3,698 shares during the period. American International Group Inc. increased its position in Fitbit by 8.1% during the 3rd quarter. American International Group Inc. now owns 117,140 shares of the scientific and technical instruments company’s stock worth $815,000 after purchasing an additional 8,758 shares during the period. Ameriprise Financial Inc. increased its position in Fitbit by 35.9% during the 2nd quarter. Ameriprise Financial Inc. now owns 35,837 shares of the scientific and technical instruments company’s stock worth $186,000 after purchasing an additional 9,461 shares during the period. Finally, Stifel Financial Corp increased its position in Fitbit by 41.3% during the 2nd quarter. Stifel Financial Corp now owns 33,542 shares of the scientific and technical instruments company’s stock worth $179,000 after purchasing an additional 9,800 shares during the period. Institutional investors own 58.25% of the company’s stock.

Fitbit (NYSE:FIT) traded up $0.03 on Friday, hitting $5.56. The stock had a trading volume of 5,309,545 shares, compared to its average volume of 5,470,000. Fitbit has a twelve month low of $4.90 and a twelve month high of $7.47. The firm has a market capitalization of $1,320.00 and a PE ratio of -3.37.

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

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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.

Analyst Recommendations for Fitbit (NYSE:FIT)

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