Fitbit, Inc. (FIT) Receives $7.11 Average Price Target from Analysts
Shares of Fitbit, Inc. (NYSE:FIT) have been given a consensus recommendation of “Hold” by the twenty-four research firms that are covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $7.11.
FIT has been the topic of several research analyst reports. Benchmark Co. reiterated a “buy” rating on shares of Fitbit in a report on Thursday, August 3rd. Zacks Investment Research upgraded Fitbit from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a report on Tuesday, August 8th. Vetr upgraded Fitbit from a “hold” rating to a “buy” rating and set a $5.79 price target on the stock in a report on Wednesday, August 16th. Finally, Morgan Stanley cut their price target on Fitbit from $7.00 to $6.50 and set an “equal weight” rating on the stock in a report on Monday, July 31st.
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In other news, Director Jon Callaghan sold 15,000 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $5.90, for a total transaction of $88,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Glenda J. Flanagan bought 18,248 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were acquired at an average cost of $5.48 per share, with a total value of $99,999.04. Following the completion of the purchase, the director now owns 29,753 shares in the company, valued at approximately $163,046.44. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 85,000 shares of company stock valued at $556,650. Company insiders own 29.10% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. purchased a new position in Fitbit in the 2nd quarter valued at approximately $114,000. Amalgamated Bank increased its stake in Fitbit by 20.1% in the 2nd quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after purchasing an additional 3,698 shares in the last quarter. Fortaleza Asset Management Inc. purchased a new position in Fitbit in the 3rd quarter valued at approximately $154,000. Kissinger Financial Services LLC purchased a new position in Fitbit in the 2nd quarter valued at approximately $153,000. Finally, Capital Fund Management S.A. purchased a new position in Fitbit in the 2nd quarter valued at approximately $157,000. 56.23% of the stock is owned by hedge funds and other institutional investors.
Fitbit (FIT) traded down $0.07 during trading hours on Monday, reaching $5.81. The company’s stock had a trading volume of 5,844,114 shares, compared to its average volume of 7,886,893. Fitbit has a 12 month low of $4.90 and a 12 month high of $9.75.
Fitbit (NYSE:FIT) last posted its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. The firm had revenue of $392.50 million for the quarter, compared to the consensus estimate of $391.70 million. Fitbit had a negative return on equity of 28.33% and a negative net margin of 23.35%. The company’s quarterly revenue was down 22.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.19 EPS. equities research analysts expect that Fitbit will post -0.49 EPS for the current fiscal year.
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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