Fitbit, Inc. (FIT) Receives Outperform Rating from Oppenheimer Holdings, Inc.
Fitbit, Inc. (NYSE:FIT)‘s stock had its “outperform” rating restated by equities research analysts at Oppenheimer Holdings, Inc. in a research note issued on Wednesday. They presently have a $8.00 price objective on the scientific and technical instruments company’s stock. Oppenheimer Holdings, Inc.’s price target would suggest a potential upside of 20.12% from the stock’s current price.
A number of other analysts have also recently commented on the company. Zacks Investment Research upgraded Fitbit from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a research report on Tuesday, September 12th. Vetr raised Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.56 target price for the company in a research note on Monday, August 28th. ValuEngine upgraded Fitbit from a “strong sell” rating to a “sell” rating in a research report on Friday, September 15th. Citigroup Inc. reiterated a “sell” rating and set a $5.00 target price on shares of Fitbit in a research report on Tuesday, June 6th. Finally, BidaskClub lowered Fitbit from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Six research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $7.45.
Fitbit (NYSE:FIT) traded down 0.9024% during trading on Wednesday, hitting $6.5999. 2,401,994 shares of the stock traded hands. Fitbit has a 52-week low of $5.62 and a 52-week high of $15.05. The stock’s market cap is $1.54 billion. The stock has a 50 day moving average price of $6.56 and a 200-day moving average price of $6.56.
Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, beating the Zacks’ 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 firm had revenue of $353.30 million for the quarter, compared to analysts’ expectations of $341.24 million. During the same period last year, the firm earned $0.12 EPS. The company’s quarterly revenue was down 39.8% on a year-over-year basis. On average, analysts anticipate that Fitbit will post ($0.31) EPS for the current fiscal year.
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In other Fitbit news, EVP Andy Missan sold 25,000 shares of Fitbit stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $7.00, for a total value of $175,000.00. Following the sale, the executive vice president now owns 110,133 shares in the company, valued at $770,931. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven Joseph Murray sold 500,000 shares of Fitbit stock in a transaction on Monday, August 7th. The shares were sold at an average price of $5.73, for a total value of $2,865,000.00. Following the completion of the sale, the director now owns 11,442 shares in the company, valued at approximately $65,562.66. The disclosure for this sale can be found here. Insiders sold a total of 580,000 shares of company stock worth $3,366,150 over the last quarter. 29.10% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DnB Asset Management AS increased its position in shares of Fitbit by 57.8% during the 2nd quarter. DnB Asset Management AS now owns 16,352,508 shares of the scientific and technical instruments company’s stock worth $86,832,000 after purchasing an additional 5,989,005 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Fitbit by 193.6% in the 2nd quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock valued at $25,178,000 after buying an additional 3,126,706 shares during the period. Vanguard Group Inc. raised its holdings in Fitbit by 13.9% in the 2nd quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock valued at $68,012,000 after buying an additional 1,567,672 shares during the period. State Street Corp raised its holdings in 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 buying an additional 1,348,058 shares during the period. Finally, Northern Trust Corp raised its holdings in Fitbit by 191.8% in the 2nd quarter. Northern Trust Corp now owns 1,946,325 shares of the scientific and technical instruments company’s stock valued at $10,335,000 after buying an additional 1,279,330 shares during the period. 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.
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