Fitbit (FIT) Updates Q4 2018 Earnings Guidance

Fitbit (NYSE:FIT) updated its fourth quarter 2018 earnings guidance on Wednesday. The company provided earnings per share guidance of $0.07 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.06. The company issued revenue guidance of $560 million, compared to the consensus revenue estimate of $569.22 million.Fitbit also updated its FY 2018 guidance to EPS.

Several equities research analysts have weighed in on FIT shares. Morgan Stanley set a $4.00 target price on Fitbit and gave the stock a sell rating in a research report on Thursday. Stifel Nicolaus increased their target price on Fitbit from $5.50 to $6.00 and gave the stock a hold rating in a research report on Thursday, August 2nd. Zacks Investment Research lowered Fitbit from a hold rating to a sell rating in a research report on Monday, August 6th. ValuEngine raised Fitbit from a hold rating to a buy rating in a research report on Monday, August 20th. Finally, Robert W. Baird reaffirmed a hold rating and issued a $6.00 target price on shares of Fitbit in a research report on Thursday, August 2nd. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. Fitbit has a consensus rating of Hold and an average price target of $5.83.

Shares of NYSE:FIT traded up $0.16 on Friday, hitting $6.11. The company’s stock had a trading volume of 6,921,135 shares, compared to its average volume of 6,163,714. Fitbit has a 12 month low of $4.23 and a 12 month high of $7.79. The stock has a market cap of $946.28 million, a price-to-earnings ratio of -9.41 and a beta of 1.78.

Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.05. Fitbit had a negative return on equity of 25.74% and a negative net margin of 23.70%. The company had revenue of $393.60 million during the quarter, compared to analysts’ expectations of $381.25 million. During the same quarter in the prior year, the business posted ($0.01) earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Equities analysts expect that Fitbit will post -0.69 EPS for the current fiscal year.

In other news, Director Steven Joseph Murray sold 1,000,000 shares of the stock in a transaction on Monday, August 27th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the completion of the transaction, the director now owns 42,332 shares of the company’s stock, valued at $263,305.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Andy Missan sold 7,500 shares of the stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $4.76, for a total value of $35,700.00. Following the completion of the transaction, the executive vice president now directly owns 176,739 shares of the company’s stock, valued at approximately $841,277.64. The disclosure for this sale can be found here. In the last three months, insiders sold 1,025,000 shares of company stock valued at $6,354,550. Company insiders own 19.84% of the company’s stock.

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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Earnings History and Estimates for Fitbit (NYSE:FIT)

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