Insider Selling: Fitbit Inc. (FIT) Major Shareholder Sells $436,500.00 in Stock
Fitbit Inc. (NYSE:FIT) major shareholder Philip Douglas Black sold 50,000 shares of the firm’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $8.73, for a total value of $436,500.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
Fitbit Inc. (NYSE:FIT) opened at 8.86 on Friday. Fitbit Inc. has a 12 month low of $8.32 and a 12 month high of $34.68. The firm has a market capitalization of $1.98 billion, a P/E ratio of 21.50 and a beta of 3.29. The stock’s 50 day moving average price is $13.40 and its 200-day moving average price is $14.13.
Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.19 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.19. Fitbit had a net margin of 4.67% and a return on equity of 11.94%. The company earned $503.80 million during the quarter, compared to analysts’ expectations of $506.93 million. During the same quarter last year, the company posted $0.24 EPS. The firm’s revenue was up 23.1% compared to the same quarter last year. Equities analysts forecast that Fitbit Inc. will post $0.58 earnings per share for the current year.
A number of institutional investors have recently modified their holdings of FIT. Emerald Mutual Fund Advisers Trust boosted its position in shares of Fitbit by 1,264.8% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 171,315 shares of the company’s stock valued at $2,093,000 after buying an additional 158,763 shares in the last quarter. IFC Holdings Incorporated FL boosted its position in shares of Fitbit by 25.4% in the second quarter. IFC Holdings Incorporated FL now owns 13,399 shares of the company’s stock valued at $157,000 after buying an additional 2,710 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its position in shares of Fitbit by 16.8% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 55,323 shares of the company’s stock valued at $676,000 after buying an additional 7,969 shares in the last quarter. Sterling Ridge Capital Management LP acquired a new position in shares of Fitbit during the first quarter valued at approximately $1,324,000. Finally, Creative Planning boosted its position in shares of Fitbit by 304.6% in the second quarter. Creative Planning now owns 42,219 shares of the company’s stock valued at $516,000 after buying an additional 31,784 shares in the last quarter. 55.81% of the stock is owned by institutional investors.
A number of equities research analysts have commented on the company. Wells Fargo & Co. reissued a “market weight” rating and set a $10.00 price target (down from $14.50) on shares of Fitbit in a report on Friday. Barclays PLC cut Fitbit from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $24.00 to $10.00 in a report on Friday, November 4th. Pacific Crest reaffirmed a “sell” rating on shares of Fitbit in a report on Thursday, November 3rd. Cowen and Company reduced their target price on Fitbit from $18.00 to $9.00 and set a “market perform” rating on the stock in a report on Thursday, November 3rd. Finally, Leerink Swann reaffirmed a “market perform” rating and issued a $9.00 target price (down from $16.00) on shares of Fitbit in a report on Thursday, November 3rd. Five investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $16.12.
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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