Fitbit Inc (NYSE:FIT) reached a new 52-week low during trading on Tuesday after Zacks Investment Research downgraded the stock from a hold rating to a sell rating. The stock traded as low as $4.82 and last traded at $4.83, with a volume of 28247389 shares changing hands. The stock had previously closed at $5.54.
Other equities research analysts have also recently issued research reports about the company. Citigroup reaffirmed a “sell” rating and issued a $4.50 price target (down previously from $5.00) on shares of Fitbit in a report on Tuesday. Stifel Nicolaus raised Fitbit from a “sell” rating to a “hold” rating and cut their price target for the company from $6.00 to $5.50 in a report on Wednesday, January 31st. Cleveland Research reissued a “hold” rating on shares of Fitbit in a research note on Thursday, December 21st. Bank of America reissued an “underperform” rating on shares of Fitbit in a research note on Tuesday. Finally, ValuEngine cut Fitbit from a “hold” rating to a “sell” rating in a research note on Friday, December 15th. Five equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. Fitbit currently has an average rating of “Hold” and an average price target of $6.85.
In other news, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction 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 directly owns 109,475 shares of the company’s stock, valued at $745,524.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $5.91, for a total value of $88,650.00. The disclosure for this sale can be found here. Insiders sold 60,000 shares of company stock valued at $357,750 over the last ninety days. Insiders own 29.10% of the company’s stock.
The firm has a market capitalization of $1,130.00 and a P/E ratio of -4.02.
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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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