Mizuho Reiterates “Neutral” Rating for Fitbit Inc. (FIT)
Fitbit Inc. (NYSE:FIT)‘s stock had its “neutral” rating reiterated by Mizuho in a research note issued on Friday. They presently have a $9.00 price objective on the stock. Mizuho’s price objective indicates a potential downside of 4.46% from the company’s current price.
Several other research firms have also recently commented on FIT. Wells Fargo & Co. reissued a “market weight” rating and set a $10.00 target price (down previously from $14.50) on shares of Fitbit in a research report on Friday. Barclays PLC cut shares of Fitbit from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $24.00 to $10.00 in a research report on Friday, November 4th. Pacific Crest reissued a “sell” rating on shares of Fitbit in a research report on Thursday, November 3rd. Cowen and Company dropped their target price on shares of Fitbit from $18.00 to $9.00 and set a “market perform” rating on the stock in a research report on Thursday, November 3rd. Finally, Leerink Swann reissued a “market perform” rating and set a $9.00 target price (down previously from $16.00) on shares of Fitbit in a research report on Thursday, November 3rd. Five analysts have rated the stock with a sell rating, sixteen have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $16.12.
Fitbit (NYSE:FIT) opened at 9.42 on Friday. The firm’s 50-day moving average price is $12.98 and its 200-day moving average price is $13.95. The firm has a market cap of $2.11 billion, a P/E ratio of 22.86 and a beta of 3.29. Fitbit has a 12 month low of $8.32 and a 12 month high of $34.68.
Fitbit (NYSE:FIT) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $0.19 earnings per share 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 business had revenue of $503.80 million for the quarter, compared to analysts’ expectations of $506.93 million. During the same quarter last year, the firm earned $0.24 EPS. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. On average, equities research analysts expect that Fitbit will post $0.58 EPS for the current fiscal year.
In other Fitbit news, Director Steven Joseph Murray sold 848,088 shares of the business’s stock in a transaction on 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 filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Philip Douglas Black sold 50,000 shares of the business’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $8.73, for a total transaction of $436,500.00. The disclosure for this sale can be found here. Insiders own 37.29% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Fitbit by 22.8% in the second quarter. Vanguard Group Inc. now owns 8,371,908 shares of the company’s stock valued at $102,305,000 after buying an additional 1,556,199 shares in the last quarter. Morgan Stanley boosted its position in Fitbit by 76.4% in the third quarter. Morgan Stanley now owns 3,801,352 shares of the company’s stock worth $56,411,000 after buying an additional 1,646,344 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Fitbit by 26.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,472,704 shares of the company’s stock worth $51,535,000 after buying an additional 717,383 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Fitbit by 476.2% in the third quarter. Ameriprise Financial Inc. now owns 3,019,722 shares of the company’s stock worth $44,812,000 after buying an additional 2,495,640 shares during the last quarter. Finally, BlackRock Advisors LLC boosted its position in Fitbit by 1.2% in the second quarter. BlackRock Advisors LLC now owns 2,780,488 shares of the company’s stock worth $33,978,000 after buying an additional 33,971 shares during the last quarter. 60.84% of the stock is owned by institutional investors and hedge funds.
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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