Fitbit, Inc. (FIT) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Fitbit, Inc. (NYSE:FIT) from a hold rating to a buy rating in a report issued on Tuesday. They currently have $6.50 target price on the scientific and technical instruments company’s stock.
According to Zacks, “Fitbit Inc. is a manufacturer of wearable fitness tracking devices. The company reported second-quarter 2017 adjusted loss of 18 cents per share, which was narrower than the Zacks Consensus Estimate. Over the last year, the stock has underperformed the industry it belongs to. Fitbit’s growth has been slowing down with smartwatches outshining the fitness wearable category, influx of new wearables, lack of upgrades among existing users and lackluster growth in the Asia Pacific region. Management has taken some recovery initiatives that include executive shakeup and cost structuring.”
Several other research firms also recently commented on FIT. Morgan Stanley reduced their price objective on Fitbit from $7.00 to $6.50 and set an equal weight rating for the company in a research note on Monday, July 31st. Vetr upgraded Fitbit from a buy rating to a strong-buy rating and set a $6.17 target price on the stock in a research report on Tuesday, August 22nd. BidaskClub cut Fitbit from a sell rating to a strong sell rating in a research report on Tuesday, August 1st. Longbow Research reiterated a hold rating on shares of Fitbit in a research report on Saturday, May 27th. Finally, Deutsche Bank AG dropped their target price on Fitbit from $6.50 to $6.00 and set a hold rating on the stock in a research report on Monday, May 15th. Six equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $7.96.
Fitbit (NYSE FIT) opened at 5.93 on Tuesday. The stock has a 50 day moving average price of $5.51 and a 200 day moving average price of $5.62. Fitbit has a 52-week low of $4.90 and a 52-week high of $17.18. The stock’s market cap is $1.38 billion.
Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.07. Fitbit had a negative return on equity of 20.67% and a negative net margin of 13.79%. The business had revenue of $353.30 million during the quarter, compared to the consensus estimate of $341.24 million. During the same period in the previous year, the business earned $0.12 EPS. The business’s quarterly revenue was down 39.8% on a year-over-year basis. Analysts expect that Fitbit will post ($0.31) EPS for the current fiscal year.
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In related news, Director Steven Joseph Murray sold 500,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director now owns 11,442 shares of the company’s stock, valued at $65,562.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Christopher B. Paisley bought 25,000 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The shares were purchased at an average cost of $5.39 per share, for a total transaction of $134,750.00. Following the acquisition, the director now owns 36,442 shares of the company’s stock, valued at $196,422.38. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 545,000 shares of company stock worth $3,105,100. Corporate insiders own 29.10% of the company’s stock.
A number of large investors have recently made changes to their positions in FIT. AlpInvest Partners B.V. boosted its stake in shares of Fitbit by 220.6% in the first quarter. AlpInvest Partners B.V. now owns 617,547 shares of the scientific and technical instruments company’s stock valued at $3,656,000 after buying an additional 424,942 shares during the last quarter. Quantbot Technologies LP boosted its stake in shares of Fitbit by 36.9% in the first quarter. Quantbot Technologies LP now owns 93,661 shares of the scientific and technical instruments company’s stock valued at $554,000 after buying an additional 25,256 shares during the last quarter. Swiss National Bank boosted its stake in shares of Fitbit by 10.3% in the first quarter. Swiss National Bank now owns 238,200 shares of the scientific and technical instruments company’s stock valued at $1,410,000 after buying an additional 22,300 shares during the last quarter. UBS Oconnor LLC purchased a new stake in shares of Fitbit during the first quarter valued at approximately $1,480,000. Finally, Guardian Life Insurance Co. of America boosted its stake in shares of Fitbit by 9,679.3% in the first quarter. Guardian Life Insurance Co. of America now owns 1,169,601 shares of the scientific and technical instruments company’s stock valued at $6,924,000 after buying an additional 1,157,641 shares during the last quarter. 56.04% of the stock is currently owned by hedge funds and other institutional investors.
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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