Fitbit (FIT) Lifted to Outperform at MED

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MED upgraded shares of Fitbit (NYSE:FIT) from a neutral rating to an outperform rating in a research note issued to investors on Friday. MED currently has $6.50 price objective on the scientific and technical instruments company’s stock.

A number of other analysts also recently weighed in on FIT. ValuEngine downgraded shares of Fitbit from a strong-buy rating to a buy rating in a report on Friday, June 29th. Zacks Investment Research raised shares of Fitbit from a sell rating to a hold rating in a report on Wednesday, June 20th. Bank of America increased their price target on shares of Fitbit from $4.80 to $5.00 and gave the company a sell rating in a report on Thursday, August 2nd. Wedbush raised shares of Fitbit from a neutral rating to an outperform rating and set a $7.00 price target for the company in a report on Friday. Finally, Stifel Nicolaus increased their price target on shares of Fitbit from $5.50 to $6.00 and gave the company a hold rating in a report on Thursday, August 2nd. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $5.99.

NYSE:FIT traded up $0.12 during midday trading on Friday, reaching $4.62. The stock had a trading volume of 9,339,449 shares, compared to its average volume of 5,989,489. Fitbit has a 1-year low of $4.46 and a 1-year high of $7.79. The firm has a market capitalization of $1.15 billion, a PE ratio of -7.11 and a beta of 1.78.

Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. Fitbit had a negative net margin of 23.70% and a negative return on equity of 25.74%. The firm had revenue of $299.34 million during the quarter, compared to the consensus estimate of $285.40 million. During the same period in the prior year, the firm earned ($0.08) EPS. The business’s revenue was down 15.3% on a year-over-year basis. Equities analysts anticipate that Fitbit will post -0.7 EPS for the current fiscal year.

In other news, EVP Andy Missan sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $5.43, for a total transaction of $54,300.00. Following the completion of the transaction, the executive vice president now directly owns 154,381 shares of the company’s stock, valued at approximately $838,288.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven Joseph Murray sold 1,000,000 shares of the firm’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the transaction, the director now directly owns 42,332 shares of the company’s stock, valued at $263,305.04. The disclosure for this sale can be found here. Insiders have sold a total of 1,030,000 shares of company stock valued at $6,383,850 over the last ninety days. 19.84% of the stock is owned by insiders.

Several large investors have recently added to or reduced their stakes in the company. DNB Asset Management AS grew its position in shares of Fitbit by 24.4% during the 3rd quarter. DNB Asset Management AS now owns 21,302,221 shares of the scientific and technical instruments company’s stock worth $113,967,000 after buying an additional 4,183,045 shares during the period. Northern Trust Corp boosted its stake in Fitbit by 8.4% during the 2nd quarter. Northern Trust Corp now owns 2,349,545 shares of the scientific and technical instruments company’s stock worth $15,343,000 after acquiring an additional 181,439 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Fitbit by 18.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,003,024 shares of the scientific and technical instruments company’s stock worth $6,550,000 after acquiring an additional 156,922 shares during the last quarter. MetLife Investment Advisors LLC boosted its stake in Fitbit by 14.5% during the 2nd quarter. MetLife Investment Advisors LLC now owns 95,538 shares of the scientific and technical instruments company’s stock worth $624,000 after acquiring an additional 12,109 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in Fitbit during the 2nd quarter worth approximately $127,000. 61.57% of the stock is owned by institutional investors.

Fitbit Company Profile

Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.

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Analyst Recommendations for Fitbit (NYSE:FIT)

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