Fitbit Inc. (FIT) Receives Hold Rating from Dougherty & Co
Fitbit Inc. (NYSE:FIT)‘s stock had its “hold” rating reaffirmed by Dougherty & Co in a research report issued to clients and investors on Monday.
A number of other brokerages have also recently commented on FIT. Pacific Crest cut shares of Fitbit from a “sector weight” rating to an “underweight” rating and lifted their target price for the stock from $15.88 to $16.70 in a research report on Thursday. Vetr upgraded shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $19.15 target price on the stock in a research report on Monday. Leerink Swann reiterated a “market perform” rating on shares of Fitbit in a research report on Friday, June 24th. Piper Jaffray Cos. reiterated a “hold” rating and issued a $14.00 target price (down previously from $16.00) on shares of Fitbit in a research report on Tuesday, July 12th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $16.00 target price on shares of Fitbit in a research report on Tuesday, July 26th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $22.11.
Fitbit (NYSE:FIT) traded up 0.1085% during mid-day trading on Monday, hitting $14.8561. The company’s stock had a trading volume of 4,209,852 shares. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of 31.3420 and a beta of 3.29. The firm has a 50 day moving average of $15.32 and a 200-day moving average of $14.66. Fitbit has a 52-week low of $11.65 and a 52-week high of $41.97.
Fitbit (NYSE:FIT) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.01. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The company earned $586.50 million during the quarter, compared to the consensus estimate of $578.48 million. During the same period in the previous year, the firm posted $0.21 EPS. The firm’s revenue was up 46.5% compared to the same quarter last year. On average, equities research analysts expect that Fitbit will post $1.18 EPS for the current fiscal year.
In other news, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $15.44, for a total transaction of $231,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Andy Missan sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $12.35, for a total transaction of $123,500.00. Following the transaction, the executive vice president now directly owns 45,000 shares of the company’s stock, valued at $555,750. The disclosure for this sale can be found here. 37.29% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Metropolitan Life Insurance Co. NY boosted its position in Fitbit by 233.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 8,420 shares of the company’s stock valued at $103,000 after buying an additional 5,898 shares during the last quarter. Commonwealth Equity Services Inc bought a new position in Fitbit during the second quarter valued at $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 last quarter. Greenwich Wealth Management LLC bought a new position in Fitbit during the second quarter valued at $135,000. Finally, Wedbush Securities Inc. bought a new position in Fitbit during the second quarter valued at $140,000. 55.41% of the stock is owned by hedge funds and other institutional investors.
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.
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