Fitbit Inc. (NYSE:FIT) saw an uptick in trading volume on Monday . 8,862,431 shares were traded during mid-day trading, an increase of 2% from the previous session’s volume of 8,726,300 shares.The stock last traded at $16.59 and had previously closed at $15.95.
A number of research firms have weighed in on FIT. Leerink Swann decreased their price target on Fitbit from $18.00 to $16.00 and set a “market perform” rating for the company in a report on Wednesday, August 3rd. Bank of America Corp. reaffirmed a “buy” rating and issued a $24.00 target price (down from $29.00) on shares of Fitbit in a research report on Wednesday, August 3rd. Longbow Research reaffirmed a “buy” rating and issued a $20.00 target price on shares of Fitbit in a research report on Wednesday, August 3rd. Vetr lowered Fitbit from a “strong-buy” rating to a “buy” rating and set a $16.51 target price on the stock. in a research report on Wednesday, August 3rd. Finally, Wells Fargo & Co. assumed coverage on Fitbit in a research report on Tuesday, July 12th. They issued a “market perform” rating and a $13.58 target price on the stock. One analyst has rated the stock with a sell rating, twelve have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $22.66.
The firm has a market capitalization of $3.62 billion, a P/E ratio of 34.3367 and a beta of 3.30. The stock has a 50-day moving average of $15.06 and a 200-day moving average of $14.53.
Fitbit (NYSE:FIT) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.12 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.01. Fitbit had a return on equity of 14.55% and a net margin of 5.76%. The company had revenue of $586.50 million for the quarter, compared to analyst estimates of $578.48 million. During the same quarter last year, the firm earned $0.21 EPS. Fitbit’s revenue for the quarter was up 46.5% compared to the same quarter last year. Equities analysts expect that Fitbit Inc. will post $1.18 EPS for the current year.
In related news, EVP Andy Missan sold 10,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 45,000 shares in the company, valued at approximately $555,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $15.44, for a total value of $231,600.00. The disclosure for this sale can be found here. Insiders own 37.29% of the company’s stock.
Several institutional investors have recently bought and sold shares of FIT. Vanguard Group Inc. increased its position in Fitbit by 22.8% in the second quarter. Vanguard Group Inc. now owns 8,371,908 shares of the company’s stock valued at $102,305,000 after buying an additional 1,556,199 shares during the period. BlackRock Advisors LLC increased its position in Fitbit by 1.2% in the second quarter. BlackRock Advisors LLC now owns 2,780,488 shares of the company’s stock valued at $33,978,000 after buying an additional 33,971 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Fitbit by 73.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,755,321 shares of the company’s stock valued at $33,670,000 after buying an additional 1,163,567 shares during the period. Coatue Management LLC increased its position in Fitbit by 85.2% in the second quarter. Coatue Management LLC now owns 2,501,722 shares of the company’s stock valued at $30,571,000 after buying an additional 1,151,155 shares during the period. Finally, Bloom Tree Partners LLC bought a new position in Fitbit during the first quarter valued at approximately $29,552,000. 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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