Several other equities research analysts have also recently commented on FIT. Mizuho reissued a buy rating and issued a $20.00 price target on shares of Fitbit in a research note on Wednesday, August 3rd. Pacific Crest reissued a hold rating on shares of Fitbit in a research note on Wednesday, June 22nd. Morgan Stanley reissued an overweight rating and issued a $31.00 price target on shares of Fitbit in a research note on Wednesday, August 31st. Zacks Investment Research cut Fitbit from a hold rating to a sell rating in a research note on Tuesday, July 12th. Finally, TheStreet raised Fitbit from a sell rating to a hold rating in a research note on Thursday, September 22nd. One research 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. The company has an average rating of Buy and a consensus target price of $22.11.
Fitbit (NYSE:FIT) traded up 0.88% during mid-day trading on Monday, hitting $14.91. 1,278,507 shares of the stock were exchanged. The stock has a market cap of $3.31 billion, a price-to-earnings ratio of 31.46 and a beta of 3.29. The company has a 50 day moving average price of $15.32 and a 200 day moving average price of $14.67. Fitbit has a 52 week low of $11.65 and a 52 week high of $41.97.
Fitbit (NYSE:FIT) last issued its earnings results on Tuesday, August 2nd. The company reported $0.12 earnings per share 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 the consensus estimate of $578.48 million. Fitbit had a return on equity of 14.55% and a net margin of 5.76%. The firm’s quarterly revenue was up 46.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 EPS. Analysts expect that Fitbit will post $1.18 EPS for the current fiscal year.
In other Fitbit news, EVP Andy Missan sold 10,000 shares of the stock in a transaction 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 directly owns 45,000 shares in the company, valued at $555,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Philip Douglas Black sold 50,000 shares of the stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $15.62, for a total value of $781,000.00. The disclosure for this sale can be found here. Company insiders own 37.29% of the company’s stock.
Several hedge funds have recently made changes to their positions in FIT. Metropolitan Life Insurance Co. NY boosted its stake 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 valued at $103,000 after buying an additional 5,898 shares during the last quarter. Commonwealth Equity Services Inc acquired a new stake in shares of Fitbit during the second quarter valued at approximately $129,000. 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 last quarter. Greenwich Wealth Management LLC acquired a new stake in shares of Fitbit during the second quarter valued at approximately $135,000. Finally, Wedbush Securities Inc. acquired a new stake in shares of Fitbit during the second quarter valued at approximately $140,000. 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.
Receive News & Ratings for Fitbit Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fitbit Inc. and related companies with MarketBeat.com's FREE daily email newsletter.