Vetr downgraded shares of Fitbit, Inc. (NYSE:FIT) from a buy rating to a sell rating in a research note released on Wednesday, July 12th. The brokerage currently has $4.83 price objective on the scientific and technical instruments company’s stock.

Several other analysts also recently commented on the company. Benchmark Co. initiated coverage on Fitbit in a research note on Tuesday, April 25th. They issued a buy rating and a $10.00 target price for the company. Longbow Research restated a hold rating on shares of Fitbit in a research note on Saturday, May 27th. Deutsche Bank AG reduced their target price on Fitbit from $6.50 to $6.00 and set a hold rating for the company in a research note on Monday, May 15th. Oppenheimer Holdings, Inc. reiterated an outperform rating and set a $8.00 price target on shares of Fitbit in a research note on Thursday, May 4th. Finally, Citigroup Inc. reiterated a sell rating and set a $5.00 price target on shares of Fitbit in a research note on Tuesday, June 6th. Six analysts have rated the stock with a sell rating, fourteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Hold and an average price target of $7.95.

Shares of Fitbit (FIT) opened at 5.63 on Wednesday. The firm’s market capitalization is $1.30 billion. Fitbit has a 12 month low of $4.90 and a 12 month high of $17.18. The firm has a 50-day moving average price of $5.35 and a 200 day moving average price of $5.75.

Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.07. Fitbit had a negative return on equity of 20.15% and a negative net margin of 13.79%. The firm had revenue of $353.30 million during the quarter, compared to the consensus estimate of $341.24 million. During the same period last year, the business posted $0.12 EPS. The business’s revenue was down 39.8% compared to the same quarter last year. On average, analysts anticipate that Fitbit will post ($0.33) EPS for the current fiscal year.

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In other news, Director Christopher B. Paisley purchased 25,000 shares of the business’s stock in a transaction dated Monday, June 5th. The shares were purchased at an average price of $5.39 per share, for a total transaction of $134,750.00. Following the completion of the acquisition, the director now directly owns 36,442 shares in the company, valued at approximately $196,422.38. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Andy Missan sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $5.57, for a total transaction of $55,700.00. Following the completion of the sale, the executive vice president now owns 62,702 shares in the company, valued at approximately $349,250.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 540,000 shares of company stock worth $2,876,700. Corporate insiders own 29.10% of the company’s stock.

A number of large investors have recently modified their holdings of FIT. Janus Capital Management LLC bought a new stake in shares of Fitbit during the fourth quarter valued at about $104,000. Allianz Asset Management AG acquired a new position in Fitbit during the fourth quarter valued at $146,000. Croft Leominster Inc. acquired a new position in Fitbit during the first quarter valued at $166,000. Kissinger Financial Services LLC acquired a new position in Fitbit during the second quarter valued at $153,000. Finally, HighTower Advisors LLC acquired a new position in Fitbit during the first quarter valued at $185,000. Institutional investors own 55.71% of the company’s stock.

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.

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Analyst Recommendations for Fitbit (NYSE:FIT)

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