Zacks Investment Research downgraded shares of Fitbit, Inc. (NYSE:FIT) from a buy rating to a hold rating in a report published on Tuesday, October 17th.
According to Zacks, “Fitbit is a manufacturer of wearable fitness tracking devices. Year to date, the stock has underperformed the industry it belongs to. Fitbit’s growth has been slowing down with smartwatches outshining the fitness wearable category, influx of new wearables, lack of upgrades among existing users and lackluster growth in the Asia Pacific region. Management has taken some recovery initiatives that include executive shakeup and cost structuring. Moreover, new features and services, increased brand awareness, expanded global distribution and presence in the corporate wellness market will continue to be the growth drivers in our view.”
Other analysts also recently issued research reports about the stock. Vetr downgraded shares of Fitbit from a hold rating to a sell rating and set a $6.67 price target on the stock. in a report on Thursday, September 28th. Stifel Nicolaus set a $6.00 price objective on shares of Fitbit and gave the stock a hold rating in a research note on Wednesday, August 2nd. Deutsche Bank AG decreased their target price on shares of Fitbit from $6.50 to $5.50 and set a hold rating on the stock in a research note on Thursday, August 3rd. Benchmark Co. restated a buy rating on shares of Fitbit in a research note on Thursday, August 3rd. Finally, Oppenheimer Holdings, Inc. restated an outperform rating and set a $8.00 target price on shares of Fitbit in a research note on Friday, August 4th. Five 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 currently has a consensus rating of Hold and a consensus target price of $7.47.
Fitbit (NYSE:FIT) traded up 1.49% on Tuesday, reaching $6.12. 2,447,510 shares of the company traded hands. Fitbit has a 52-week low of $5.62 and a 52-week high of $14.26. The stock has a 50-day moving average of $6.48 and a 200 day moving average of $6.48. The company’s market capitalization is $1.43 billion.
Fitbit (NYSE:FIT) last announced its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.07. The company had revenue of $353.30 million for the quarter, compared to the consensus estimate of $341.24 million. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. Fitbit’s revenue for the quarter was down 39.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.12 EPS. On average, equities analysts forecast that Fitbit will post ($0.32) EPS for the current year.
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In other news, EVP Andy Missan sold 5,000 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $5.68, for a total transaction of $28,400.00. Following the sale, the executive vice president now owns 80,332 shares in the company, valued at $456,285.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven Joseph Murray sold 500,000 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $5.73, for a total value of $2,865,000.00. Following the sale, the director now owns 11,442 shares in the company, valued at approximately $65,562.66. The disclosure for this sale can be found here. Insiders have sold 585,000 shares of company stock worth $3,400,600 in the last 90 days. Insiders own 29.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sumitomo Mitsui Asset Management Company LTD boosted its position in Fitbit by 27.9% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 5,271,905 shares of the scientific and technical instruments company’s stock valued at $36,692,000 after buying an additional 1,149,580 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Fitbit by 123.7% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 64,968 shares of the scientific and technical instruments company’s stock valued at $452,000 after buying an additional 35,922 shares during the last quarter. Nationwide Fund Advisors boosted its position in Fitbit by 208.7% in the third quarter. Nationwide Fund Advisors now owns 307,910 shares of the scientific and technical instruments company’s stock valued at $2,143,000 after buying an additional 208,169 shares during the last quarter. Intellectus Partners LLC boosted its position in Fitbit by 15.8% in the second quarter. Intellectus Partners LLC now owns 179,546 shares of the scientific and technical instruments company’s stock valued at $953,000 after buying an additional 24,450 shares during the last quarter. Finally, California State Teachers Retirement System boosted its position in Fitbit by 23.1% in the second quarter. California State Teachers Retirement System now owns 309,530 shares of the scientific and technical instruments company’s stock valued at $1,644,000 after buying an additional 57,987 shares during the last quarter. Hedge funds and other institutional investors own 55.10% 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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