Fitbit (FIT) Issues Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Fitbit (NYSE:FIT) announced its earnings results on Wednesday. The scientific and technical instruments company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.05, Briefing.com reports. Fitbit had a negative net margin of 23.70% and a negative return on equity of 25.74%. The firm had revenue of $393.60 million for the quarter, compared to the consensus estimate of $381.25 million. During the same period in the prior year, the firm earned ($0.01) EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Fitbit updated its Q4 2018 guidance to $0.07 EPS and its FY 2018 guidance to EPS.

Shares of NYSE:FIT traded up $1.22 during trading hours on Thursday, reaching $5.95. The stock had a trading volume of 48,946,300 shares, compared to its average volume of 6,179,447. Fitbit has a 1 year low of $4.23 and a 1 year high of $7.79. The company has a market cap of $946.28 million, a PE ratio of -9.15 and a beta of 1.78.

Several equities research analysts recently weighed in on FIT shares. Morgan Stanley dropped coverage on shares of Fitbit in a research note on Thursday, September 13th. Zacks Investment Research downgraded shares of Fitbit from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. ValuEngine downgraded shares of Fitbit from a “buy” rating to a “hold” rating in a research note on Saturday, September 1st. MED raised shares of Fitbit from a “neutral” rating to an “outperform” rating and set a $6.50 target price on the stock in a research note on Friday, October 12th. Finally, William Blair reaffirmed a “market perform” rating on shares of Fitbit in a research note on Friday, September 21st. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $5.83.

In other Fitbit news, EVP Andy Missan sold 7,500 shares of the stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $5.94, for a total value of $44,550.00. Following the sale, the executive vice president now directly owns 161,881 shares of the company’s stock, valued at approximately $961,573.14. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Steven Joseph Murray sold 1,000,000 shares of the stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $6.22, for a total transaction of $6,220,000.00. Following the completion of the sale, the director now directly owns 42,332 shares in the company, valued at $263,305.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,025,000 shares of company stock worth $6,354,550. Insiders own 19.84% of the company’s stock.

About Fitbit

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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Earnings History for Fitbit (NYSE:FIT)

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