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 research analysts recently weighed in on the company. Bank of America increased their price objective on Fitbit from $4.80 to $5.00 and gave the stock a sell rating in a research report on Thursday, August 2nd. Morgan Stanley set a $4.00 price target on Fitbit and gave the stock a sell rating in a research report on Thursday. Stifel Nicolaus raised their price target on Fitbit from $5.50 to $6.00 and gave the stock a hold rating in a research report on Thursday, August 2nd. ValuEngine lowered Fitbit from a buy rating to a hold rating in a research report on Tuesday, October 16th. Finally, Robert W. Baird restated a hold rating and set a $6.00 price target 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 given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $5.83.

Shares of FIT traded up $0.06 during midday trading on Friday, hitting $6.01. 364,603 shares of the stock were exchanged, compared to its average volume of 6,163,714. Fitbit has a 52-week low of $4.23 and a 52-week high of $7.79. The firm has a market cap of $946.28 million, a P/E ratio of -9.25 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 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.05. The business had revenue of $393.60 million during the quarter, compared to analyst estimates of $381.25 million. Fitbit had a negative return on equity of 25.74% and a negative net margin of 23.70%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the business posted ($0.01) earnings per share. Research analysts expect that Fitbit will post -0.69 earnings per share for the current year.

In related news, EVP Andy Missan sold 7,500 shares of Fitbit 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 in the company, valued at $841,277.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steven Joseph Murray sold 1,000,000 shares of Fitbit stock in a transaction on Monday, August 27th. The shares were 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 1,025,000 shares of company stock valued at $6,354,550. 19.84% of the stock is currently owned by company insiders.

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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