Fitbit Inc. (NYSE:FIT) shares were down 3.7% on Friday after an insider sold shares in the company. The company traded as low as $14.01 and last traded at $14.07, with a volume of 7,504,375 shares. The stock had previously closed at $14.61.
Specifically, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $14.84, for a total value of $222,600.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Steven Joseph Murray sold 151,912 shares of the business’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $15.07, for a total value of $2,289,313.84. The disclosure for this sale can be found here. 37.29% of the stock is owned by company insiders.
Several equities research analysts have commented on FIT shares. Citigroup Inc. reissued a “buy” rating and issued a $20.00 target price (down from $30.00) on shares of Fitbit in a report on Tuesday, July 5th. Raymond James Financial Inc. reaffirmed a “buy” rating on shares of Fitbit in a report on Wednesday, June 22nd. Deutsche Bank AG upped their price target on Fitbit from $28.00 to $29.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. Bank of America Corp. reaffirmed a “buy” rating and set a $24.00 price target (down from $29.00) on shares of Fitbit in a report on Wednesday, August 3rd. Finally, Longbow Research reaffirmed a “buy” rating and set a $20.00 price target on shares of Fitbit in a report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Fitbit has an average rating of “Hold” and a consensus target price of $22.11.
The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of 29.62 and a beta of 3.29. The firm’s 50-day moving average is $15.25 and its 200-day moving average is $14.67.
Fitbit (NYSE:FIT) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.12 EPS for the quarter, topping the Zacks’ 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 earned $586.50 million during the quarter, compared to analysts’ expectations of $578.48 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The firm’s revenue was up 46.5% compared to the same quarter last year. On average, equities analysts expect that Fitbit Inc. will post $1.18 earnings per share for the current fiscal year.
A number of hedge funds have recently modified their holdings of FIT. Edmond DE Rothschild Holding S.A. boosted its position in shares of Fitbit by 96.1% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 575,504 shares of the company’s stock valued at $8,719,000 after buying an additional 281,978 shares during the period. Scotia Capital Inc. bought a new position in shares of Fitbit during the first quarter valued at about $480,000. Edmond DE Rothschild Italia SGR SPA boosted its position in shares of Fitbit by 92.7% in the first quarter. Edmond DE Rothschild Italia SGR SPA now owns 565,504 shares of the company’s stock valued at $8,567,000 after buying an additional 271,978 shares during the period. UBS Group AG boosted its position in shares of Fitbit by 11.9% in the first quarter. UBS Group AG now owns 726,894 shares of the company’s stock valued at $11,012,000 after buying an additional 77,410 shares during the period. Finally, Guardian Life Insurance Co of America bought a new position in shares of Fitbit during the first quarter valued at about $7,582,000. 55.41% of the stock is owned by institutional investors.
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.
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