-$0.20 EPS Expected for Fitbit (FIT) This Quarter

Brokerages predict that Fitbit (NYSE:FIT) will post ($0.20) earnings per share for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for Fitbit’s earnings. The highest EPS estimate is ($0.18) and the lowest is ($0.21). Fitbit reported earnings of ($0.15) per share during the same quarter last year, which suggests a negative year-over-year growth rate of 33.3%. The business is expected to report its next earnings results on Wednesday, May 2nd.

According to Zacks, analysts expect that Fitbit will report full-year earnings of ($0.29) per share for the current financial year, with EPS estimates ranging from ($0.38) to ($0.04). For the next fiscal year, analysts anticipate that the business will report earnings of ($0.20) per share, with EPS estimates ranging from ($0.28) to $0.00. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that that provide coverage for Fitbit.

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Fitbit (NYSE:FIT) last issued its quarterly earnings results on Monday, February 26th. The scientific and technical instruments company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.06). Fitbit had a negative net margin of 17.16% and a negative return on equity of 17.11%. The company had revenue of $570.76 million for the quarter, compared to analyst estimates of $587.03 million.

Several research analysts recently commented on FIT shares. Morgan Stanley cut Fitbit from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $5.00 to $4.00 in a research report on Monday, April 2nd. Roth Capital started coverage on Fitbit in a research report on Friday, January 5th. They set a “buy” rating and a $10.00 price target for the company. Bank of America reissued an “underperform” rating on shares of Fitbit in a research report on Tuesday, February 27th. Cleveland Research reissued a “hold” rating on shares of Fitbit in a research report on Thursday, December 21st. Finally, Stifel Nicolaus raised Fitbit from a “sell” rating to a “hold” rating and reduced their price target for the company from $6.00 to $5.50 in a research report on Wednesday, January 31st. Six analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. Fitbit has a consensus rating of “Hold” and a consensus target price of $6.76.

NYSE FIT traded down $0.02 during trading hours on Monday, hitting $5.32. 4,899,669 shares of the company traded hands, compared to its average volume of 5,790,411. Fitbit has a twelve month low of $4.51 and a twelve month high of $7.32. The stock has a market capitalization of $1,111.83, a PE ratio of -8.18 and a beta of 1.90.

In other Fitbit news, Director Jon Callaghan sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $5.17, for a total value of $77,550.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Andy Missan sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $5.17, for a total value of $25,850.00. Following the completion of the sale, the executive vice president now owns 125,127 shares in the company, valued at approximately $646,906.59. The disclosure for this sale can be found here. Insiders sold 60,000 shares of company stock worth $291,000 in the last 90 days. Corporate insiders own 29.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Penbrook Management LLC bought a new stake in Fitbit in the fourth quarter valued at approximately $653,000. MetLife Investment Advisors LLC bought a new stake in Fitbit in the fourth quarter valued at approximately $476,000. Millennium Management LLC raised its stake in Fitbit by 3.6% in the fourth quarter. Millennium Management LLC now owns 990,612 shares of the scientific and technical instruments company’s stock valued at $5,656,000 after buying an additional 34,093 shares during the period. Teachers Advisors LLC increased its stake in shares of Fitbit by 10.5% during the fourth quarter. Teachers Advisors LLC now owns 347,125 shares of the scientific and technical instruments company’s stock worth $1,982,000 after purchasing an additional 32,882 shares during the period. Finally, Raymond James & Associates increased its stake in shares of Fitbit by 12.2% during the fourth quarter. Raymond James & Associates now owns 147,556 shares of the scientific and technical instruments company’s stock worth $843,000 after purchasing an additional 16,050 shares during the period. Hedge funds and other institutional investors own 61.49% of the company’s stock.

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Fitbit Company Profile

Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.

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