Fitbit, Inc. (NYSE:FIT) was downgraded by research analysts at Vetr from a “strong-buy” rating to a “hold” rating in a report released on Thursday. They currently have a $6.72 target price on the scientific and technical instruments company’s stock. Vetr‘s price target indicates a potential upside of 3.54% from the stock’s previous close.

FIT has been the subject of a number of other research reports. Morgan Stanley dropped their price objective on shares of Fitbit from $7.00 to $6.50 and set an “equal weight” rating for the company in a research note on Monday, July 31st. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a research report on Tuesday, August 8th. BidaskClub cut shares of 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 shares of Fitbit from $6.50 to $6.00 and set a “hold” rating for the company in a research report on Monday, May 15th. Six research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $7.97.

Shares of Fitbit (NYSE FIT) traded up 9.81% during midday trading on Thursday, hitting $6.49. 20,996,000 shares of the company were exchanged. The stock’s market cap is $1.51 billion. Fitbit has a one year low of $4.90 and a one year high of $17.18. The stock’s 50-day moving average is $5.62 and its 200-day moving average is $5.62.

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

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In other news, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $5.09, for a total value of $76,350.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Andy Missan sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $5.68, for a total transaction of $28,400.00. Following the completion of the transaction, the executive vice president now directly owns 80,332 shares in the company, valued at approximately $456,285.76. The disclosure for this sale can be found here. Insiders sold a total of 555,000 shares of company stock worth $3,167,450 in the last ninety days. Insiders own 29.10% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Intellectus Partners LLC boosted its stake in shares of Fitbit by 15.8% in the 2nd quarter. Intellectus Partners LLC now owns 179,546 shares of the scientific and technical instruments company’s stock valued at $953,000 after purchasing an additional 24,450 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Fitbit by 23.1% in the 2nd quarter. California State Teachers Retirement System now owns 309,530 shares of the scientific and technical instruments company’s stock valued at $1,644,000 after purchasing an additional 57,987 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Fitbit by 2,045.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 139,450 shares of the scientific and technical instruments company’s stock valued at $741,000 after purchasing an additional 132,949 shares during the last quarter. State Street Corp boosted its stake in shares of Fitbit by 68.0% in the 2nd quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock valued at $17,686,000 after purchasing an additional 1,348,058 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of Fitbit by 138.9% in the 2nd quarter. Royal Bank of Canada now owns 303,155 shares of the scientific and technical instruments company’s stock valued at $1,610,000 after purchasing an additional 176,267 shares during the last quarter. 56.04% of the stock is currently owned by institutional investors.

About Fitbit

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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