Fitbit Inc (FIT) Shares Gap Down After Insider Selling

Shares of Fitbit Inc (NYSE:FIT) gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $6.61, but opened at $6.66. Fitbit shares last traded at $6.52, with a volume of 4,883,549 shares.

Specifically, EVP Andy Missan sold 25,000 shares of Fitbit stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $7.00, for a total transaction of $175,000.00. Following the completion of the sale, the executive vice president now owns 110,133 shares in the company, valued at approximately $770,931. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $5.09, for a total transaction of $76,350.00. The disclosure for this sale can be found here. Insiders sold a total of 580,000 shares of company stock worth $3,366,150 over the last quarter. Corporate insiders own 29.10% of the company’s stock.

A number of research analysts have recently weighed in on FIT shares. Dougherty & Co reissued a “neutral” rating on shares of Fitbit in a research note on Wednesday. Vetr raised Fitbit from a “sell” rating to a “hold” rating and set a $6.67 price objective for the company in a research note on Wednesday. ValuEngine upgraded Fitbit from a “strong sell” rating to a “sell” rating in a report on Tuesday, August 1st. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $8.00 price objective on shares of Fitbit in a report on Wednesday. Finally, Cowen and Company set a $6.00 target price on Fitbit and gave the company a “hold” rating in a research note on Thursday, August 3rd. Six equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $7.45.

The stock has a 50 day moving average of $6.56 and a 200-day moving average of $6.56. The stock’s market cap is $1.52 billion.

Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.07. The business had revenue of $353.30 million during the quarter, compared to analyst estimates of $341.24 million. Fitbit had a negative return on equity of 24.71% and a negative net margin of 16.48%. Fitbit’s quarterly revenue was down 39.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.12 EPS. On average, equities research analysts anticipate that Fitbit Inc will post ($0.31) EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. bought a new position in shares of Fitbit during the second quarter valued at about $114,000. Amalgamated Bank boosted its holdings in Fitbit by 20.1% during the second quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock worth $117,000 after purchasing an additional 3,698 shares during the last quarter. Kissinger Financial Services LLC bought a new stake in Fitbit in the 2nd quarter worth about $153,000. Capital Fund Management S.A. bought a new stake in Fitbit in the 2nd quarter worth about $157,000. Finally, Croft Leominster Inc. bought a new stake in Fitbit in the 1st quarter worth about $166,000. Institutional investors own 56.04% of the company’s stock.

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About Fitbit

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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