Fitbit (FIT) Stock Rating Lowered by ValuEngine

Fitbit (NYSE:FIT) was downgraded by analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Friday.

FIT has been the subject of a number of other research reports. Craig Hallum assumed coverage on Fitbit in a research note on Monday, March 19th. They issued a “buy” rating for the company. DA Davidson assumed coverage on Fitbit in a research note on Monday, April 30th. They issued a “neutral” rating and a $5.50 price target for the company. Zacks Investment Research lowered Fitbit from a “hold” rating to a “strong sell” rating in a research note on Monday, April 30th. Morgan Stanley set a $4.00 price target on Fitbit and gave the stock a “sell” rating in a research note on Tuesday, May 1st. Finally, Bank of America cut their price target on Fitbit from $5.00 to $4.80 and set an “underperform” rating for the company in a research note on Thursday, May 3rd. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $5.94.

FIT stock traded down $0.09 during trading on Friday, reaching $6.53. The company’s stock had a trading volume of 3,063,933 shares, compared to its average volume of 6,326,431. Fitbit has a 1 year low of $4.51 and a 1 year high of $7.79. The firm has a market capitalization of $1.38 billion, a PE ratio of -10.05 and a beta of 1.88.

Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, May 2nd. The scientific and technical instruments company reported ($0.17) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.03. Fitbit had a negative return on equity of 19.17% and a negative net margin of 19.05%. The business had revenue of $248.00 million during the quarter, compared to analyst estimates of $247.35 million. During the same quarter in the prior year, the business posted ($0.15) EPS. Fitbit’s revenue for the quarter was down 17.1% compared to the same quarter last year. equities analysts anticipate that Fitbit will post -0.64 earnings per share for the current fiscal year.

In related news, Director Jon Callaghan sold 15,000 shares of the stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $4.62, for a total value of $69,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Andy Missan sold 5,000 shares of the stock in a transaction dated Tuesday, May 1st. The shares were sold at an average price of $5.43, for a total transaction of $27,150.00. Following the completion of the transaction, the executive vice president now directly owns 145,495 shares of the company’s stock, valued at approximately $790,037.85. The disclosure for this sale can be found here. Insiders have sold a total of 1,290,572 shares of company stock valued at $6,587,024 in the last three months. Insiders own 19.84% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Allianz Asset Management GmbH lifted its holdings in shares of Fitbit by 11.1% in the 1st quarter. Allianz Asset Management GmbH now owns 6,751,296 shares of the scientific and technical instruments company’s stock valued at $34,432,000 after acquiring an additional 672,285 shares during the last quarter. CIBC World Markets Inc. bought a new position in shares of Fitbit in the 1st quarter valued at about $171,000. Xact Kapitalforvaltning AB lifted its holdings in shares of Fitbit by 69.7% in the 1st quarter. Xact Kapitalforvaltning AB now owns 25,078 shares of the scientific and technical instruments company’s stock valued at $128,000 after acquiring an additional 10,300 shares during the last quarter. Cubist Systematic Strategies LLC lifted its holdings in shares of Fitbit by 22.1% in the 1st quarter. Cubist Systematic Strategies LLC now owns 62,248 shares of the scientific and technical instruments company’s stock valued at $317,000 after acquiring an additional 11,258 shares during the last quarter. Finally, Clearline Capital LP bought a new position in shares of Fitbit in the 1st quarter valued at about $2,789,000. 61.56% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Fitbit (NYSE:FIT)

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