Fitbit Inc. (FIT) Trading Down 3.7% Following Insider Selling
Fitbit Inc. (NYSE:FIT) shares were down 3.7% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $14.01 and last traded at $14.07, with a volume of 7,504,375 shares changing hands. The stock had previously closed at $14.61.
Specifically, Director Steven Joseph Murray sold 848,088 shares of the business’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $15.14, for a total value of $12,840,052.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Andy Missan sold 15,000 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $15.00, for a total transaction of $225,000.00. Following the completion of the sale, the executive vice president now directly owns 50,000 shares of the company’s stock, valued at $750,000. The disclosure for this sale can be found here. 37.29% of the stock is currently owned by company insiders.
Several equities research analysts have issued reports on FIT shares. Citigroup Inc. reissued a “buy” rating and issued a $20.00 price objective (down from $30.00) on shares of Fitbit in a research report on Tuesday, July 5th. Raymond James Financial Inc. restated a “buy” rating on shares of Fitbit in a report on Wednesday, June 22nd. Deutsche Bank AG boosted their price target on shares of Fitbit from $28.00 to $29.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. Bank of America Corp. restated 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. Finally, Longbow Research restated a “buy” rating and issued a $20.00 price target on shares of Fitbit in a report on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Fitbit presently has an average rating of “Hold” and an average price target of $22.11.
The stock has a 50 day moving average price of $15.27 and a 200 day moving average price of $14.68. The stock has a market cap of $3.13 billion, a PE ratio of 29.73 and a beta of 3.29.
Fitbit (NYSE:FIT) last issued its quarterly earnings results 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 quarter in the previous year, the firm earned $0.21 earnings per share. The firm’s quarterly revenue was up 46.5% on a year-over-year basis. On average, analysts anticipate that Fitbit Inc. will post $1.18 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of FIT. Metropolitan Life Insurance Co. NY boosted its stake in 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 last quarter. Commonwealth Equity Services Inc bought a new stake in Fitbit during the second quarter worth $129,000. Legal & General Group Plc boosted its stake in Fitbit by 71.1% in the second quarter. Legal & General Group Plc now owns 10,967 shares of the company’s stock worth $134,000 after buying an additional 4,558 shares during the last quarter. Greenwich Wealth Management LLC bought a new stake in Fitbit during the second quarter worth $135,000. Finally, Wedbush Securities Inc. bought a new stake in Fitbit during the second quarter worth $140,000. Institutional investors own 55.41% of the company’s stock.
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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