Zacks Investment Research Upgrades Fitbit, Inc. (FIT) to “Buy”
Fitbit, Inc. (NYSE:FIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $7.00 price target on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 5.26% from the stock’s previous close.
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.”
FIT has been the subject of several other research reports. Vetr upgraded shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $5.79 price target for the company in a report on Wednesday, August 2nd. Cowen and Company set a $6.00 price target on shares of Fitbit and gave the stock a “hold” rating in a report on Thursday, August 3rd. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $8.00 price objective on shares of Fitbit in a research note on Monday, June 26th. Morgan Stanley lowered 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. Finally, Dougherty & Co reiterated a “neutral” rating on shares of Fitbit in a research note on Monday, July 31st. Six investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $7.99.
Fitbit (NYSE:FIT) opened at 6.65 on Tuesday. The stock has a 50 day moving average of $6.26 and a 200 day moving average of $6.22. The firm’s market cap is $1.55 billion. Fitbit has a 12-month low of $5.62 and a 12-month high of $17.18.
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, topping the consensus estimate 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 firm had revenue of $353.30 million during the quarter, compared to analyst estimates of $341.24 million. During the same quarter last year, the business earned $0.12 EPS. The company’s revenue was down 39.8% compared to the same quarter last year. On average, equities research analysts anticipate that Fitbit will post ($0.31) EPS for the current fiscal year.
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In other Fitbit news, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction on Friday, September 1st. The shares were sold at an average price of $5.90, for a total transaction of $88,500.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction on Friday, August 4th. The stock was sold at an average price of $5.68, for a total transaction of $28,400.00. Following the transaction, the executive vice president now directly owns 80,332 shares in the company, valued at $456,285.76. The disclosure for this sale can be found here. Insiders have sold a total of 555,000 shares of company stock worth $3,167,450 over the last ninety days. Insiders own 29.10% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Arbitrage SA boosted its holdings in Fitbit by 15.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 446,630 shares of the scientific and technical instruments company’s stock worth $2,372,000 after acquiring an additional 60,346 shares during the last quarter. AlpInvest Partners B.V. boosted its holdings in Fitbit by 220.6% during the 1st quarter. AlpInvest Partners B.V. now owns 617,547 shares of the scientific and technical instruments company’s stock worth $3,656,000 after acquiring an additional 424,942 shares during the last quarter. SG Americas Securities LLC purchased a new position in Fitbit during the 2nd quarter worth $1,723,000. Quantbot Technologies LP boosted its holdings in Fitbit by 36.9% during the 1st quarter. Quantbot Technologies LP now owns 93,661 shares of the scientific and technical instruments company’s stock worth $554,000 after acquiring an additional 25,256 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in Fitbit by 10.3% during the 1st quarter. Swiss National Bank now owns 238,200 shares of the scientific and technical instruments company’s stock worth $1,410,000 after acquiring an additional 22,300 shares during the last quarter. 56.04% of the stock is currently owned by hedge funds and other institutional investors.
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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