Fitbit (NYSE:FIT) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a report issued on Monday, ValuEngine reports.

FIT has been the topic of a number of other research reports. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $7.00 price target on the stock in a research report on Friday, January 25th. Wedbush downgraded shares of Fitbit from an “outperform” rating to a “neutral” rating and set a $6.50 price target on the stock. in a research report on Friday, February 22nd. DA Davidson upgraded shares of Fitbit from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $5.50 to $7.00 in a research report on Thursday, February 28th. Finally, William Blair restated a “market perform” rating on shares of Fitbit in a research report on Monday, March 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $6.28.

FIT traded down $0.14 during trading on Monday, reaching $5.57. 6,322,175 shares of the company’s stock were exchanged, compared to its average volume of 4,816,750. Fitbit has a one year low of $4.23 and a one year high of $7.79. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -9.28 and a beta of 1.70.

Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, February 27th. The scientific and technical instruments company reported $0.07 earnings per share for the quarter. Fitbit had a negative net margin of 12.29% and a negative return on equity of 19.03%. The firm had revenue of $571.20 million for the quarter, compared to analyst estimates of $569.30 million. During the same period in the previous year, the firm posted ($0.02) EPS. The company’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, research analysts expect that Fitbit will post -0.43 EPS for the current fiscal year.

In other news, EVP Andy Missan sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $6.62, for a total value of $99,300.00. Following the transaction, the executive vice president now owns 99,140 shares in the company, valued at approximately $656,306.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 30,000 shares of company stock worth $186,975 in the last 90 days. Corporate insiders own 19.84% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. acquired a new position in shares of Fitbit during the 4th quarter valued at $33,000. Public Employees Retirement System of Ohio lifted its position in shares of Fitbit by 49.8% during the 4th quarter. Public Employees Retirement System of Ohio now owns 8,869 shares of the scientific and technical instruments company’s stock valued at $44,000 after acquiring an additional 2,950 shares during the period. Stevens Capital Management LP acquired a new position in shares of Fitbit during the 4th quarter valued at $55,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Fitbit by 46.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,443 shares of the scientific and technical instruments company’s stock valued at $92,000 after acquiring an additional 5,854 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in shares of Fitbit during the 4th quarter valued at $96,000. Institutional investors own 65.28% of the company’s stock.

About Fitbit

Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Charge 3, Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Ace, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic and Fitbit Versa smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.

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Analyst Recommendations for Fitbit (NYSE:FIT)

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