Fitbit (NYSE:FIT)‘s stock had its “neutral” rating reissued by equities researchers at Wedbush in a report released on Tuesday. They presently have a $6.00 price target on the scientific and technical instruments company’s stock, down from their prior price target of $6.50. Wedbush’s target price would indicate a potential upside of 23.71% from the company’s previous close.
Several other analysts have also recently commented on FIT. Zacks Investment Research raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.75 target price for the company in a research note on Monday, October 30th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $6.00 target price on shares of Fitbit in a research note on Friday, November 3rd. ValuEngine cut shares of Fitbit from a “hold” rating to a “sell” rating in a research note on Friday, December 15th. Cleveland Research reissued a “hold” rating on shares of Fitbit in a research note on Thursday, December 21st. Finally, Morgan Stanley set a $6.00 price objective on shares of Fitbit and gave the company a “hold” rating in a research note on Friday, January 5th. Five analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. Fitbit presently has a consensus rating of “Hold” and an average price target of $6.85.
Fitbit (FIT) traded down $0.69 during mid-day trading on Tuesday, reaching $4.85. 32,610,880 shares of the company’s stock traded hands, compared to its average volume of 6,504,346. The stock has a market cap of $1,150.00 and a PE ratio of -2.94. Fitbit has a 12-month low of $4.67 and a 12-month high of $7.32.
Several institutional investors have recently modified their holdings of FIT. Investors Research Corp acquired a new stake in shares of Fitbit in the 4th quarter valued at about $101,000. BB&T Securities LLC acquired a new stake in shares of Fitbit in the 3rd quarter valued at about $116,000. Greenwich Wealth Management LLC raised its stake in shares of Fitbit by 84.1% in the 4th quarter. Greenwich Wealth Management LLC now owns 23,425 shares of the scientific and technical instruments company’s stock valued at $134,000 after purchasing an additional 10,700 shares in the last quarter. Stone Ridge Asset Management LLC acquired a new stake in shares of Fitbit in the 4th quarter valued at about $139,000. Finally, Ingalls & Snyder LLC acquired a new stake in shares of Fitbit in the 4th quarter valued at about $140,000. Institutional investors and hedge funds own 62.53% of the company’s stock.
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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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