Fitbit (FIT) Upgraded to Outperform by Wedbush

Wedbush upgraded shares of Fitbit (NYSE:FIT) from a neutral rating to an outperform rating in a report published on Friday, MarketBeat.com reports. They currently have $7.00 price target on the scientific and technical instruments company’s stock.

Several other equities research analysts have also weighed in on FIT. William Blair started coverage on Fitbit in a research report on Wednesday, June 20th. They set a market perform rating on the stock. Zacks Investment Research upgraded Fitbit from a sell rating to a hold rating in a research report on Wednesday, June 20th. ValuEngine lowered Fitbit from a strong-buy rating to a buy rating in a research report on Friday, June 29th. Stifel Nicolaus lifted their price target on Fitbit from $5.50 to $6.00 and gave the company a hold rating in a research report on Thursday, August 2nd. Finally, Bank of America lifted their price target on Fitbit from $4.80 to $5.00 and gave the company a sell rating in a research report on Thursday, August 2nd. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $5.99.

Shares of NYSE FIT traded up $0.12 during mid-day trading on Friday, hitting $4.62. 9,339,449 shares of the stock traded hands, compared to its average volume of 5,989,489. Fitbit has a 52 week low of $4.46 and a 52 week high of $7.79. The firm has a market capitalization of $1.15 billion, a PE ratio of -7.11 and a beta of 1.78.

Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. Fitbit had a negative return on equity of 25.74% and a negative net margin of 23.70%. The company had revenue of $299.34 million for the quarter, compared to analyst estimates of $285.40 million. During the same period in the previous year, the company posted ($0.08) earnings per share. The firm’s revenue was down 15.3% on a year-over-year basis. On average, research analysts predict that Fitbit will post -0.7 EPS for the current year.

In other news, Director Steven Joseph Murray sold 1,000,000 shares of the business’s 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 in the company, valued at $263,305.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Andy Missan sold 7,500 shares of the business’s 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 owns 176,739 shares of the company’s stock, valued at approximately $841,277.64. The disclosure for this sale can be found here. Insiders have sold 1,030,000 shares of company stock valued at $6,383,850 in the last quarter. 19.84% of the stock is owned by company insiders.

Hedge funds have recently bought and sold shares of the company. DNB Asset Management AS increased its position in Fitbit by 24.4% during the third 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 during the last quarter. BlackRock Inc. increased its position in Fitbit by 23.4% during the first quarter. BlackRock Inc. now owns 15,875,489 shares of the scientific and technical instruments company’s stock valued at $80,964,000 after acquiring an additional 3,013,819 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Fitbit by 166.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,661,187 shares of the scientific and technical instruments company’s stock valued at $17,378,000 after acquiring an additional 1,662,496 shares during the last quarter. Canada Pension Plan Investment Board increased its position in Fitbit by 378.4% during the second quarter. Canada Pension Plan Investment Board now owns 2,098,810 shares of the scientific and technical instruments company’s stock valued at $13,705,000 after acquiring an additional 1,660,100 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Fitbit by 12.6% during the second quarter. Renaissance Technologies LLC now owns 8,156,285 shares of the scientific and technical instruments company’s stock valued at $53,261,000 after acquiring an additional 909,585 shares during the last quarter. Hedge funds and other institutional investors own 61.57% 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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Analyst Recommendations for Fitbit (NYSE:FIT)

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