Vetr upgraded shares of Fitbit, Inc. (NYSE:FIT) from a buy rating to a strong-buy rating in a research report sent to investors on Monday. Vetr currently has $6.56 price target on the scientific and technical instruments company’s stock.

A number of other equities analysts have also recently commented on FIT. ValuEngine raised shares of Fitbit from a strong sell rating to a sell rating in a report on Tuesday, August 1st. Cowen and Company set a $6.00 price objective on shares of Fitbit and gave the company a hold rating in a research report on Thursday, August 3rd. Deutsche Bank AG reiterated a hold rating and issued a $5.50 price objective on shares of Fitbit in a research report on Wednesday, August 9th. Stifel Nicolaus set a $6.00 price objective on shares of Fitbit and gave the company a hold rating in a research report on Wednesday, August 2nd. Finally, Oppenheimer Holdings, Inc. reiterated an outperform rating and issued a $8.00 price objective on shares of Fitbit in a research report on Friday, August 4th. Six equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Fitbit has an average rating of Hold and a consensus price target of $7.96.

Shares of Fitbit (NYSE FIT) opened at 5.94 on Monday. The stock’s market cap is $1.38 billion. The company has a 50-day moving average of $5.51 and a 200 day moving average of $5.62. Fitbit has a one year low of $4.90 and a one year high of $17.18.

Fitbit (NYSE:FIT) last announced its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.07. The business had revenue of $353.30 million for the quarter, compared to analysts’ expectations of $341.24 million. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. The company’s quarterly revenue was down 39.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.12 EPS. On average, analysts predict that Fitbit will post ($0.31) earnings per share for the current year.

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In other Fitbit news, Director Christopher B. Paisley acquired 25,000 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were acquired at an average cost of $5.39 per share, for a total transaction of $134,750.00. Following the transaction, the director now directly owns 36,442 shares of the company’s stock, valued at $196,422.38. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven Joseph Murray sold 500,000 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $5.73, for a total transaction of $2,865,000.00. Following the completion of the sale, the director now owns 11,442 shares in the company, valued at $65,562.66. The disclosure for this sale can be found here. Insiders sold a total of 545,000 shares of company stock worth $3,105,100 over the last quarter. Insiders own 29.10% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC raised its stake in Fitbit by 5.6% in the second quarter. HighTower Advisors LLC now owns 32,831 shares of the scientific and technical instruments company’s stock valued at $174,000 after buying an additional 1,735 shares in the last quarter. Amalgamated Bank raised its stake in Fitbit by 20.1% in the second quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after buying an additional 3,698 shares in the last quarter. Oppenheimer & Co. Inc. raised its stake in Fitbit by 11.6% in the second quarter. Oppenheimer & Co. Inc. now owns 40,063 shares of the scientific and technical instruments company’s stock valued at $213,000 after buying an additional 4,150 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Fitbit by 14.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 33,666 shares of the scientific and technical instruments company’s stock valued at $199,000 after buying an additional 4,271 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in Fitbit by 5.8% in the first quarter. UBS Asset Management Americas Inc. now owns 86,177 shares of the scientific and technical instruments company’s stock valued at $510,000 after buying an additional 4,732 shares in the last quarter. Institutional investors and hedge funds own 56.04% 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.

Analyst Recommendations for Fitbit (NYSE:FIT)

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