Fitbit Inc (FIT) Expected to Announce Earnings of $0.07 Per Share

Equities analysts expect that Fitbit Inc (NYSE:FIT) will post earnings per share of $0.07 for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Fitbit’s earnings. The highest EPS estimate is $0.08 and the lowest is $0.04. Fitbit reported earnings of ($0.02) per share in the same quarter last year, which would indicate a positive year over year growth rate of 450%. The firm is scheduled to report its next earnings results on Monday, February 25th.

According to Zacks, analysts expect that Fitbit will report full year earnings of ($0.28) per share for the current year, with EPS estimates ranging from ($0.32) to ($0.26). For the next year, analysts anticipate that the company will post earnings of ($0.16) per share, with EPS estimates ranging from ($0.24) to ($0.03). Zacks’ earnings per share calculations are a mean average based on a survey of research firms that cover Fitbit.

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 for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.05. The company had revenue of $393.60 million for the quarter, compared to analysts’ expectations of $381.25 million. Fitbit had a negative return on equity of 24.69% and a negative net margin of 16.32%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.01) earnings per share.

Several analysts have recently weighed in on FIT shares. Morgan Stanley dropped coverage on Fitbit in a report on Thursday, September 13th. MED raised Fitbit from a “neutral” rating to an “outperform” rating and set a $6.50 price objective on the stock in a research note on Friday, October 12th. ValuEngine lowered Fitbit from a “buy” rating to a “hold” rating in a research note on Saturday, September 1st. Wedbush raised Fitbit from a “neutral” rating to an “outperform” rating and set a $7.00 price objective 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. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $5.90.

Shares of NYSE:FIT traded down $0.03 during midday trading on Friday, hitting $5.12. 946,264 shares of the stock were exchanged, compared to its average volume of 4,142,280. The stock has a market cap of $1.13 billion, a P/E ratio of -7.88 and a beta of 1.71. Fitbit has a 12 month low of $4.23 and a 12 month high of $7.79.

In related news, Director Steven Joseph Murray sold 1,000,000 shares of Fitbit stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $6.19, for a total value of $6,190,000.00. Following the transaction, the director now directly owns 42,332 shares of the company’s stock, valued at $262,035.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Andy Missan sold 7,500 shares of Fitbit stock in a transaction that occurred 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,025,034 shares of company stock worth $6,327,741. 19.84% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. DNB Asset Management AS raised its holdings in shares of Fitbit by 24.4% in the 3rd quarter. DNB Asset Management AS now owns 21,302,221 shares of the scientific and technical instruments company’s stock valued at $113,967,000 after acquiring an additional 4,183,045 shares in the last quarter. Trexquant Investment LP acquired a new position in Fitbit during the 2nd quarter worth $1,384,000. Schwab Charles Investment Management Inc. grew its holdings in Fitbit by 26.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,160,629 shares of the scientific and technical instruments company’s stock worth $7,579,000 after acquiring an additional 240,290 shares in the last quarter. Swiss National Bank grew its holdings in Fitbit by 11.2% during the 2nd quarter. Swiss National Bank now owns 339,800 shares of the scientific and technical instruments company’s stock worth $2,219,000 after acquiring an additional 34,300 shares in the last quarter. Finally, MetLife Investment Advisors LLC grew its holdings in Fitbit by 14.5% during the 2nd quarter. MetLife Investment Advisors LLC now owns 95,538 shares of the scientific and technical instruments company’s stock worth $624,000 after acquiring an additional 12,109 shares in the last quarter. 63.34% of the stock is currently owned by hedge funds and other institutional investors.

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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