Fitbit (NYSE:FIT) has been assigned a $6.00 target price by investment analysts at Morgan Stanley in a report issued on Friday, January 5th. The firm presently has a “hold” rating on the scientific and technical instruments company’s stock. Morgan Stanley’s target price would suggest a potential upside of 16.50% from the stock’s previous close.
A number of other research analysts also recently commented on the company. Zacks Investment Research raised Fitbit from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a report on Tuesday, September 12th. Stifel Nicolaus downgraded Fitbit from a “hold” rating to a “sell” rating and set a $6.00 price target for the company. in a report on Friday, December 15th. Dougherty & Co restated a “neutral” rating on shares of Fitbit in a research note on Wednesday, October 4th. Vetr upgraded Fitbit from a “hold” rating to a “buy” rating and set a $6.67 price objective on the stock in a research note on Thursday, October 19th. Finally, ValuEngine cut Fitbit from a “hold” rating to a “sell” rating in a research note on Friday, December 15th. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the stock. Fitbit presently has a consensus rating of “Hold” and an average price target of $6.93.
Shares of Fitbit (FIT) traded down $0.05 on Friday, reaching $5.15. The company had a trading volume of 5,612,809 shares, compared to its average volume of 5,870,000. The stock has a market capitalization of $1,220.00 and a P/E ratio of -3.12. Fitbit has a 1 year low of $4.90 and a 1 year high of $7.32.
Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.03. The firm had revenue of $392.50 million during the quarter, compared to the consensus estimate of $391.70 million. Fitbit had a negative return on equity of 28.33% and a negative net margin of 23.35%. Fitbit’s revenue for the quarter was down 22.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.19 earnings per share. equities research analysts expect that Fitbit will post -0.49 EPS for the current year.
In other news, EVP Andy Missan sold 5,000 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $6.81, for a total transaction of $34,050.00. Following the sale, the executive vice president now directly owns 109,475 shares in the company, valued at approximately $745,524.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven Joseph Murray sold 966,641 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $6.09, for a total value of $5,886,843.69. Following the sale, the director now owns 11,442 shares in the company, valued at $69,681.78. The disclosure for this sale can be found here. Insiders have sold a total of 1,006,841 shares of company stock worth $6,142,404 over the last quarter. Insiders own 29.10% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of FIT. Principal Financial Group Inc. acquired a new stake in Fitbit in the 2nd quarter valued at approximately $114,000. BB&T Securities LLC acquired a new stake in Fitbit in the 3rd quarter valued at approximately $116,000. Amalgamated Bank increased its position in Fitbit by 20.1% in the 2nd quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after acquiring an additional 3,698 shares during the period. Ingalls & Snyder LLC acquired a new stake in Fitbit in the 4th quarter valued at approximately $140,000. Finally, Fortaleza Asset Management Inc. acquired a new stake in Fitbit in the 3rd quarter valued at approximately $154,000. Hedge funds and other institutional investors own 60.14% of the company’s stock.
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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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