Cleveland Research Reiterates Hold Rating for Fitbit (NYSE:FIT)

Fitbit (NYSE:FIT)‘s stock had its “hold” rating reaffirmed by analysts at Cleveland Research in a research report issued on Thursday, December 21st.

A number of other research analysts have also issued reports on the stock. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a report on Tuesday, September 12th. Stifel Nicolaus lowered shares of Fitbit from a “hold” rating to a “sell” rating and set a $6.00 price objective for the company. in a report on Friday, December 15th. Oppenheimer reiterated an “outperform” rating and issued a $8.00 price objective on shares of Fitbit in a report on Tuesday, August 29th. Dougherty & Co reiterated a “neutral” rating on shares of Fitbit in a report on Wednesday, October 4th. Finally, Vetr upgraded shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.56 price objective for the company in a report on Monday, August 28th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $7.05.

Fitbit (NYSE:FIT) opened at $5.64 on Thursday. The company has a market cap of $1,158.77, a PE ratio of -3.42 and a beta of 2.58. Fitbit has a fifty-two week low of $4.90 and a fifty-two week high of $7.62.

Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The firm had revenue of $392.50 million during the quarter, compared to analysts’ expectations of $391.70 million. Fitbit had a negative net margin of 23.35% and a negative return on equity of 28.33%. The business’s revenue for the quarter was down 22.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.19 earnings per share. equities analysts anticipate that Fitbit will post -0.49 earnings per share for the current fiscal year.

In related news, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $6.29, for a total value of $31,450.00. Following the completion of the sale, the executive vice president now owns 109,475 shares of the company’s stock, valued at approximately $688,597.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Steven Joseph Murray sold 966,641 shares of Fitbit stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $6.09, for a total transaction of $5,886,843.69. Following the completion of the sale, the director now directly owns 11,442 shares of the company’s stock, valued at approximately $69,681.78. The disclosure for this sale can be found here. In the last three months, insiders sold 1,026,841 shares of company stock valued at $6,268,204. 29.10% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. DnB Asset Management AS grew its position in Fitbit by 21.6% in the 4th quarter. DnB Asset Management AS now owns 17,685,592 shares of the scientific and technical instruments company’s stock valued at $100,985,000 after purchasing an additional 3,145,026 shares during the period. Vanguard Group Inc. boosted its holdings in Fitbit by 13.9% during the 2nd quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock worth $68,012,000 after acquiring an additional 1,567,672 shares during the last quarter. Allianz Asset Management GmbH boosted its holdings in Fitbit by 25.2% during the 3rd quarter. Allianz Asset Management GmbH now owns 5,440,776 shares of the scientific and technical instruments company’s stock worth $37,868,000 after acquiring an additional 1,096,000 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD boosted its holdings in Fitbit by 27.9% during the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 5,271,905 shares of the scientific and technical instruments company’s stock worth $36,692,000 after acquiring an additional 1,149,580 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Fitbit by 193.6% during the 2nd quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock worth $25,178,000 after acquiring an additional 3,126,706 shares during the last quarter. 58.25% of the stock is owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Fitbit (NYSE:FIT)

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