Fitbit Inc. (FIT) Downgraded by Pacific Crest to Underweight
Pacific Crest cut shares of Fitbit Inc. (NYSE:FIT) from a sector weight rating to an underweight rating in a report published on Thursday. Pacific Crest currently has $16.70 price target on the stock, up from their previous price target of $15.88.
FIT has been the topic of a number of other reports. TheStreet upgraded shares of Fitbit from a sell rating to a hold rating in a research note on Thursday, September 22nd. Morgan Stanley restated an overweight rating and issued a $31.00 target price on shares of Fitbit in a research note on Wednesday, August 31st. Longbow Research upgraded shares of Fitbit to a buy rating and set a $20.00 target price on the stock in a research note on Monday, September 19th. Leerink Swann restated a market perform rating and issued a $16.00 target price on shares of Fitbit in a research note on Tuesday, August 30th. Finally, Wedbush restated an outperform rating and issued a $18.00 target price on shares of Fitbit in a research note on Wednesday, August 31st. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Fitbit presently has a consensus rating of Buy and a consensus price target of $22.08.
Shares of Fitbit (NYSE:FIT) traded up 1.48% during midday trading on Thursday, hitting $15.04. 2,364,354 shares of the company traded hands. Fitbit has a 52 week low of $11.65 and a 52 week high of $41.97. The company has a 50-day moving average price of $15.33 and a 200-day moving average price of $14.66. The stock has a market capitalization of $3.34 billion, a P/E ratio of 31.73 and a beta of 3.30.
Fitbit (NYSE:FIT) last issued its earnings results on Tuesday, August 2nd. The company reported $0.12 EPS for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.01. The business had revenue of $586.50 million for the quarter, compared to the consensus estimate of $578.48 million. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The company’s revenue for the quarter was up 46.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.21 EPS. Analysts anticipate that Fitbit will post $1.18 earnings per share for the current fiscal year.
In related news, EVP Andy Missan sold 10,000 shares of Fitbit stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $12.35, for a total value of $123,500.00. Following the completion of the transaction, the executive vice president now owns 45,000 shares in the company, valued at $555,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven Joseph Murray sold 848,088 shares of Fitbit stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $15.14, for a total transaction of $12,840,052.32. The disclosure for this sale can be found here. Company insiders own 37.29% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Metropolitan Life Insurance Co. NY boosted its position in shares of Fitbit by 233.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 8,420 shares of the company’s stock worth $103,000 after buying an additional 5,898 shares during the period. Commonwealth Equity Services Inc purchased a new position in Fitbit during the second quarter valued at approximately $129,000. Legal & General Group Plc boosted its position in Fitbit by 71.1% in the second quarter. Legal & General Group Plc now owns 10,967 shares of the company’s stock valued at $134,000 after buying an additional 4,558 shares during the period. Greenwich Wealth Management LLC purchased a new position in Fitbit during the second quarter valued at approximately $135,000. Finally, Wedbush Securities Inc. purchased a new position in Fitbit during the second quarter valued at approximately $140,000. Hedge funds and other institutional investors own 55.41% of the company’s stock.
Fitbit Company Profile
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.
Receive News & Stock Ratings for Fitbit Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fitbit Inc. and related stocks with our FREE daily email newsletter.