Fitbit (NYSE:FIT) has been given a $6.00 price objective by equities research analysts at Morgan Stanley in a report issued on Friday. The firm currently has a “hold” rating on the scientific and technical instruments company’s stock. Morgan Stanley’s price objective indicates a potential upside of 0.84% from the stock’s previous close.

A number of other research firms have also weighed in on FIT. Vetr lowered shares of Fitbit from a “hold” rating to a “sell” rating and set a $6.67 price objective for the company. in a research note on Thursday, September 28th. ValuEngine upgraded shares of Fitbit from a “strong sell” rating to a “sell” rating in a research note on Friday, September 15th. Stifel Nicolaus downgraded shares of Fitbit from a “hold” rating to a “sell” rating and set a $6.00 price target for the company. in a report on Friday, December 15th. Dougherty & Co reissued a “neutral” rating on shares of Fitbit in a report on Wednesday, October 4th. Finally, Oppenheimer reissued an “outperform” rating and issued a $8.00 price target on shares of Fitbit in a report on Wednesday, October 4th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $7.05.

Fitbit (FIT) traded down $0.03 during trading on Friday, hitting $5.95. 2,530,000 shares of the company’s stock traded hands, compared to its average volume of 4,830,000. Fitbit has a 1 year low of $4.90 and a 1 year high of $8.23. The company has a market cap of $1,410.00 and a PE ratio of -3.61.

Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. Fitbit had a negative net margin of 23.35% and a negative return on equity of 28.33%. The firm had revenue of $392.50 million for the quarter, compared to analysts’ expectations of $391.70 million. During the same quarter last year, the firm earned $0.19 EPS. The company’s quarterly revenue was down 22.1% compared to the same quarter last year. research analysts anticipate that Fitbit will post -0.49 earnings per share for the current fiscal year.

In related news, EVP Andy Missan sold 5,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $6.29, for a total transaction of $31,450.00. Following the transaction, the executive vice president now owns 109,475 shares in the company, valued at $688,597.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven Joseph Murray sold 966,641 shares of the business’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $6.09, for a total transaction of $5,886,843.69. Following the transaction, the director now owns 11,442 shares in the company, valued at approximately $69,681.78. The disclosure for this sale can be found here. Insiders sold 1,026,841 shares of company stock worth $6,268,204 in the last 90 days. Corporate insiders own 29.10% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its position in Fitbit by 193.6% during the second 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 purchasing an additional 3,126,706 shares during the period. Vanguard Group Inc. lifted its position in Fitbit by 13.9% during the second 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 purchasing an additional 1,567,672 shares during the period. State Street Corp lifted its position in Fitbit by 68.0% during the second 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 period. Northern Trust Corp increased its holdings in Fitbit by 191.8% during the second 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 last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD increased its holdings in Fitbit by 27.9% during the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 5,271,905 shares of the scientific and technical instruments company’s stock valued at $36,692,000 after buying an additional 1,149,580 shares during the last quarter. Institutional investors and hedge funds own 58.25% of the company’s stock.

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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.

Analyst Recommendations for Fitbit (NYSE:FIT)

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