Longbow Research Reiterates Neutral Rating for Fitbit Inc. (FIT)
Fitbit Inc. (NYSE:FIT)‘s stock had its “neutral” rating reiterated by stock analysts at Longbow Research in a research note issued to investors on Tuesday.
A number of other equities analysts have also commented on the stock. Pacific Crest lowered shares of Fitbit to a “sell” rating and set a $8.00 price objective for the company. in a research note on Saturday, November 19th. Mizuho reissued a “neutral” rating and set a $9.00 target price on shares of Fitbit in a research note on Friday, November 11th. 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 note on Friday, November 11th. Barclays PLC lowered shares of Fitbit from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $24.00 to $10.00 in a research note on Friday, November 4th. Finally, Cowen and Company decreased their target price on shares of Fitbit from $18.00 to $9.00 and set a “market perform” rating for the company in a research note on Thursday, November 3rd. Five research analysts have rated the stock with a sell rating, sixteen have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $15.75.
Fitbit (NYSE:FIT) opened at 8.36 on Tuesday. Fitbit has a 52-week low of $8.20 and a 52-week high of $34.68. The stock has a market capitalization of $1.87 billion, a PE ratio of 20.29 and a beta of 3.29. The firm has a 50-day moving average of $11.11 and a 200-day moving average of $13.48.
Fitbit (NYSE:FIT) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $0.19 EPS for the quarter, hitting analysts’ consensus estimates of $0.19. Fitbit had a net margin of 4.67% and a return on equity of 11.94%. The firm earned $503.80 million during the quarter, compared to analyst estimates of $506.93 million. During the same quarter last year, the business posted $0.24 EPS. The company’s revenue was up 23.1% on a year-over-year basis. On average, equities analysts expect that Fitbit will post $0.58 EPS for the current year.
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In other news, major shareholder Philip Douglas Black sold 50,000 shares of Fitbit stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $8.73, for a total transaction of $436,500.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Andy Missan sold 15,000 shares of Fitbit stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $15.14, for a total transaction of $227,100.00. Following the sale, the executive vice president now owns 50,000 shares in the company, valued at $757,000. The disclosure for this sale can be found here. Insiders own 37.29% of the company’s stock.
Several hedge funds have recently modified their holdings of FIT. Metropolitan Life Insurance Co. NY raised its stake in shares of 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 period. Commonwealth Equity Services Inc acquired a new stake in shares of Fitbit during the second quarter valued at $129,000. Legal & General Group Plc raised its stake in shares of 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 period. Greenwich Wealth Management LLC acquired a new stake in shares of Fitbit during the second quarter valued at $135,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Fitbit during the third quarter valued at $139,000. Institutional investors and hedge funds own 64.78% 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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