Fitbit Inc (NYSE:FIT) shares gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $6.61, but opened at $6.66. Fitbit shares last traded at $6.52, with a volume of 4,883,549 shares traded.

Specifically, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $6.89, for a total transaction of $103,350.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven Joseph Murray sold 500,000 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $5.73, for a total value of $2,865,000.00. Following the transaction, the director now directly owns 11,442 shares of the company’s stock, valued at approximately $65,562.66. The disclosure for this sale can be found here. Insiders have sold 585,000 shares of company stock valued at $3,400,600 in the last three months. 29.10% of the stock is currently owned by company insiders.

FIT has been the subject of several recent research reports. Morgan Stanley dropped their price target on Fitbit from $7.00 to $6.50 and set an “equal weight” rating for the company in a research report on Monday, July 31st. Vetr raised Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.17 price target for the company in a research report on Tuesday, August 22nd. Zacks Investment Research raised Fitbit from a “hold” rating to a “buy” rating and set a $6.50 price target for the company in a research report on Tuesday, August 8th. BidaskClub downgraded Fitbit from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Finally, ValuEngine raised Fitbit from a “strong sell” rating to a “sell” rating in a research report on Friday, September 15th. Six analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $7.45.

The firm’s 50-day moving average price is $6.55 and its 200 day moving average price is $6.55. The stock’s market cap is $1.52 billion.

Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.07. Fitbit had a negative net margin of 16.48% and a negative return on equity of 24.71%. The business had revenue of $353.30 million for the quarter, compared to the consensus estimate of $341.24 million. During the same period in the prior year, the business posted $0.12 earnings per share. Fitbit’s revenue for the quarter was down 39.8% compared to the same quarter last year. On average, equities analysts forecast that Fitbit Inc will post ($0.31) EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. acquired a new position in shares of Fitbit in the second quarter worth $114,000. Amalgamated Bank increased its stake 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 worth $117,000 after acquiring an additional 3,698 shares during the last quarter. Croft Leominster Inc. acquired a new position in shares of Fitbit in the first quarter worth $166,000. Kissinger Financial Services LLC acquired a new position in shares of Fitbit in the second quarter worth $153,000. Finally, Capital Fund Management S.A. acquired a new position in shares of Fitbit in the second quarter worth $157,000. 56.04% of the stock is currently owned by institutional investors and hedge funds.

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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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