According to Zacks, “Fitbit Inc. is a manufacturer of wearable fitness tracking devices. The company reported better-than-expected second quarter 2016 results with revenues and earnings surpassing our estimates. Going forward, new products, features and services, increased brand awareness, expanded global distribution and presence in the corporate wellness market will continue to be the growth drivers. However, growing competition and increased popularity of smart watches will remain the headwinds.”
A number of other brokerages have also weighed in on FIT. TheStreet upgraded shares of Fitbit from a sell rating to a hold rating in a research report on Thursday, September 22nd. Vetr lowered shares of Fitbit from a strong-buy rating to a buy rating and set a $18.46 target price on the stock. in a research report on Thursday, September 22nd. Pacific Crest lowered shares of Fitbit from a sector weight rating to an underweight rating and raised their target price for the company from $15.88 to $16.70 in a research report on Thursday, September 29th. Mizuho set a $20.00 target price on shares of Fitbit and gave the company a buy rating in a research report on Thursday, September 29th. Finally, Longbow Research upgraded shares of Fitbit to a buy rating and set a $20.00 target price on the stock in a research report on Monday, September 19th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Fitbit currently has a consensus rating of Hold and a consensus price target of $22.11.
Shares of Fitbit (NYSE:FIT) traded down 1.061% during trading on Tuesday, hitting $14.455. 1,544,248 shares of the stock traded hands. The firm has a market capitalization of $3.21 billion, a price-to-earnings ratio of 30.496 and a beta of 3.29. The firm has a 50-day moving average of $15.27 and a 200-day moving average of $14.68. Fitbit has a 1-year low of $11.65 and a 1-year high of $41.97.
Fitbit (NYSE:FIT) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.01. The business had revenue of $586.50 million for the quarter, compared to analyst estimates of $578.48 million. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The firm’s revenue for the quarter was up 46.5% on a year-over-year basis. During the same quarter last year, the business posted $0.21 EPS. On average, equities analysts forecast that Fitbit will post $1.18 earnings per share for the current year.
In other Fitbit news, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $14.84, for a total value of $222,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Philip Douglas Black sold 50,000 shares of the business’s stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $15.62, for a total transaction of $781,000.00. The disclosure for this sale can be found here. 37.29% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Metropolitan Life Insurance Co. NY increased its position in shares of Fitbit by 233.9% in the second quarter. Metropolitan Life Insurance Co. NY now owns 8,420 shares of the company’s stock worth $103,000 after buying an additional 5,898 shares in the last quarter. Commonwealth Equity Services Inc purchased a new position in shares of Fitbit during the second quarter worth approximately $129,000. Legal & General Group Plc increased its position in shares of Fitbit by 71.1% in the second quarter. Legal & General Group Plc now owns 10,967 shares of the company’s stock worth $134,000 after buying an additional 4,558 shares in the last quarter. Greenwich Wealth Management LLC purchased a new position in shares of Fitbit during the second quarter worth approximately $135,000. Finally, Wedbush Securities Inc. purchased a new position in shares of Fitbit during the second quarter worth approximately $140,000. Institutional investors and hedge funds own 55.41% of the company’s stock.
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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