Fitbit, Inc. (FIT) Rating Reiterated by Oppenheimer Holdings, Inc.
Fitbit, Inc. (NYSE:FIT)‘s stock had its “outperform” rating reaffirmed by Oppenheimer Holdings, Inc. in a report released on Tuesday. They currently have a $8.00 price objective on the scientific and technical instruments company’s stock. Oppenheimer Holdings, Inc.’s price target suggests a potential upside of 34.00% from the stock’s previous close.
FIT has been the topic of a number of other research reports. Morgan Stanley decreased their price target on shares of Fitbit from $7.00 to $6.50 and set an “equal weight” rating on the stock in a research note on Monday, July 31st. Vetr raised shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.17 price target on the stock in a research note on Tuesday, August 22nd. Zacks Investment Research raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.50 price target on the stock in a research note on Tuesday, August 8th. BidaskClub downgraded shares of Fitbit from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st. Finally, Longbow Research reaffirmed a “hold” rating on shares of Fitbit in a research note on Saturday, May 27th. Six investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $7.96.
Shares of Fitbit (NYSE FIT) opened at 5.97 on Tuesday. The firm’s 50 day moving average is $5.51 and its 200-day moving average is $5.62. Fitbit has a 1-year low of $4.90 and a 1-year high of $17.18. The company’s market cap is $1.39 billion.
Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.07. The company had revenue of $353.30 million for the quarter, compared to the consensus estimate of $341.24 million. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. Fitbit’s revenue was down 39.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.12 earnings per share. Equities analysts expect 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 bought 25,000 shares of the company’s stock in a transaction on Monday, June 5th. The shares were bought at an average cost of $5.39 per share, for a total transaction of $134,750.00. Following the acquisition, the director now directly owns 36,442 shares in the company, valued at $196,422.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jon Callaghan sold 15,000 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $5.09, for a total transaction of $76,350.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 535,000 shares of company stock worth $3,049,400. 29.10% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. HighTower Advisors LLC boosted its position in shares of 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 during the last quarter. Amalgamated Bank boosted its position in shares of 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 during the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of 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 during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of 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 during the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in shares of 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 during the last quarter. Institutional investors 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.
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