ValuEngine Upgrades Fitbit (NYSE:FIT) to Hold

Fitbit (NYSE:FIT) was upgraded by equities research analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, ValuEngine reports.

A number of other brokerages have also weighed in on FIT. Zacks Investment Research upgraded Fitbit from a “hold” rating to a “buy” rating and set a $5.75 price objective for the company in a research note on Wednesday, May 8th. Citigroup lowered their price objective on Fitbit from $5.00 to $2.00 in a research note on Thursday. Finally, Wedbush lowered their price objective on Fitbit from $5.00 to $4.00 and set a “neutral” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $5.32.

Fitbit stock traded down $0.02 during trading hours on Thursday, hitting $3.29. The stock had a trading volume of 10,806,771 shares, compared to its average volume of 3,409,896. The company has a quick ratio of 1.57, a current ratio of 1.87 and a debt-to-equity ratio of 0.15. The company has a market cap of $939.69 million, a PE ratio of -5.48 and a beta of 1.48. Fitbit has a 1-year low of $3.20 and a 1-year high of $6.96. The firm has a fifty day simple moving average of $4.36.

Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported ($0.22) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.03. The company had revenue of $313.56 million for the quarter, compared to analyst estimates of $311.59 million. Fitbit had a negative return on equity of 15.25% and a negative net margin of 8.69%. Fitbit’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.22) earnings per share. On average, research analysts expect that Fitbit will post -0.41 EPS for the current fiscal year.

In other Fitbit news, EVP Andy Missan sold 7,500 shares of Fitbit stock in a transaction on Friday, May 10th. The stock was sold at an average price of $4.99, for a total transaction of $37,425.00. Following the sale, the executive vice president now owns 116,914 shares of the company’s stock, valued at approximately $583,400.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 15,094 shares of company stock worth $72,897 in the last ninety days. 18.60% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Advisory Services Network LLC raised its stake in shares of Fitbit by 291.2% in the 1st quarter. Advisory Services Network LLC now owns 5,125 shares of the scientific and technical instruments company’s stock worth $30,000 after buying an additional 3,815 shares in the last quarter. Macquarie Group Ltd. bought a new stake in shares of Fitbit in the 4th quarter worth $33,000. Public Employees Retirement System of Ohio raised its stake in shares of Fitbit by 49.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 8,869 shares of the scientific and technical instruments company’s stock worth $44,000 after buying an additional 2,950 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in shares of Fitbit in the 1st quarter worth $62,000. Finally, Stevens Capital Management LP bought a new stake in shares of Fitbit in the 2nd quarter worth $66,000. 69.56% of the stock is currently owned by 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 Charge 3, Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Ace, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic and Fitbit Versa 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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