Fitbit Inc. (NYSE:FIT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Fitbit Inc. is a manufacturer of wearable fitness tracking devices. The company reported better-than-expected second quarter 2016 results with revenues and earnings surpassing our estimates. Going forward, new products, features and services, increased brand awareness, expanded global distribution and presence in the corporate wellness market will continue to be the growth drivers. However, growing competition and increased popularity of smart watches will remain the headwinds.”

Other equities analysts have also issued research reports about the stock. Leerink Swann decreased their price target on shares of Fitbit from $18.00 to $16.00 and set a “market perform” rating on the stock in a report on Wednesday, August 3rd. Bank of America Corp. reissued a “buy” rating and issued a $24.00 price target (down previously from $29.00) on shares of Fitbit in a report on Wednesday, August 3rd. Longbow Research reissued a “buy” rating and issued a $20.00 price target on shares of Fitbit in a report on Wednesday, August 3rd. Vetr lowered shares of Fitbit from a “strong-buy” rating to a “buy” rating and set a $16.51 price target on the stock. in a report on Wednesday, August 3rd. Finally, Piper Jaffray Cos. reissued a “hold” rating and issued a $14.00 price target (down previously from $16.00) on shares of Fitbit in a report on Tuesday, July 12th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $22.11.

Analyst Recommendations for Fitbit (NYSE:FIT)

Shares of Fitbit (NYSE:FIT) remained flat at $14.78 during trading on Tuesday. The company’s stock had a trading volume of 4,457,475 shares. The company has a 50 day moving average of $15.32 and a 200-day moving average of $14.67. Fitbit has a 12 month low of $11.65 and a 12 month high of $41.97. The firm has a market capitalization of $3.28 billion, a PE ratio of 31.18 and a beta of 3.29.

Fitbit (NYSE:FIT) last issued its quarterly 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 firm had revenue of $586.50 million for the quarter, compared to analyst estimates of $578.48 million. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The business’s revenue for the quarter was up 46.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.21 EPS. On average, analysts expect 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 the firm’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 value of $123,500.00. Following the transaction, the executive vice president now owns 45,000 shares of the company’s stock, valued at $555,750. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $14.91, for a total transaction of $223,650.00. The disclosure for this sale can be found here. 37.29% of the stock is currently owned by insiders.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in Fitbit by 14.4% in the first quarter. BlackRock Inc. now owns 208,340 shares of the company’s stock worth $3,157,000 after buying an additional 26,192 shares during the last quarter. BlackRock Group LTD increased its position in shares of Fitbit by 230.0% in the first quarter. BlackRock Group LTD now owns 1,354,236 shares of the company’s stock valued at $20,518,000 after buying an additional 943,827 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Fitbit by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,591,754 shares of the company’s stock valued at $24,115,000 after buying an additional 7,022 shares in the last quarter. BlackRock Japan Co. Ltd increased its position in shares of Fitbit by 27.5% in the first quarter. BlackRock Japan Co. Ltd now owns 66,618 shares of the company’s stock valued at $1,009,000 after buying an additional 14,376 shares in the last quarter. Finally, Columbia Partners L L C Investment Management purchased a new position in shares of Fitbit during the first quarter valued at $5,015,000. 55.41% of the stock is currently owned by 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.

5 Day Chart for NYSE:FIT

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