Vetr upgraded shares of Fitbit Inc. (NYSE:FIT) from a buy rating to a strong-buy rating in a research report released on Monday morning. The brokerage currently has $18.63 price target on the stock.
A number of other analysts have also issued reports on the stock. TheStreet upgraded shares of Fitbit from a sell rating to a hold rating in a research note on Thursday, September 22nd. Longbow Research upgraded shares of Fitbit to a buy rating and set a $20.00 price objective on the stock in a research note on Monday, September 19th. Mizuho set a $20.00 price objective on shares of Fitbit and gave the company a buy rating in a research note on Thursday, September 15th. Bank of America Corp. reiterated a buy rating and set a $24.00 price objective on shares of Fitbit in a research note on Thursday, September 1st. Finally, Oppenheimer Holdings Inc. reiterated an outperform rating and set a $25.00 price objective on shares of Fitbit in a research note on Wednesday, August 31st. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Fitbit presently has a consensus rating of Buy and a consensus target price of $22.70.
Shares of Fitbit (NYSE:FIT) opened at 16.70 on Monday. The stock has a market capitalization of $3.71 billion, a P/E ratio of 35.23 and a beta of 3.30. The firm has a 50 day moving average of $15.33 and a 200-day moving average of $14.66. Fitbit has a 12 month low of $11.65 and a 12 month high of $41.97.
Fitbit (NYSE:FIT) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.01. The company 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 business’s quarterly revenue was up 46.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.21 earnings per share. 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 Thursday, September 1st. The shares were sold at an average price of $14.91, for a total value of $223,650.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Andy Missan sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $12.35, for a total transaction of $123,500.00. Following the completion of the sale, the executive vice president now owns 45,000 shares in the company, valued at $555,750. The disclosure for this sale can be found here. 37.29% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of the company. Rathbone Brothers plc boosted its stake in shares of Fitbit by 6.1% in the second quarter. Rathbone Brothers plc now owns 14,850 shares of the company’s stock valued at $181,000 after buying an additional 850 shares during the period. 1832 Asset Management L.P. boosted its stake in shares of Fitbit by 7.6% in the second quarter. 1832 Asset Management L.P. now owns 17,000 shares of the company’s stock valued at $208,000 after buying an additional 1,200 shares during the period. Diligent Investors LLC boosted its stake in shares of Fitbit by 6.5% in the second quarter. Diligent Investors LLC now owns 35,718 shares of the company’s stock valued at $436,000 after buying an additional 2,190 shares during the period. IFC Holdings Incorporated FL boosted its stake in shares of Fitbit by 25.4% in the second quarter. IFC Holdings Incorporated FL now owns 13,399 shares of the company’s stock valued at $157,000 after buying an additional 2,710 shares during the period. Finally, Legal & General Group Plc boosted its stake 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 valued at $134,000 after buying an additional 4,558 shares during the period. Hedge funds and other institutional investors own 55.41% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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