Zacks: Brokerages Expect Fitbit Inc (NYSE:FIT) Will Announce Quarterly Sales of $522.11 Million

Equities analysts forecast that Fitbit Inc (NYSE:FIT) will post $522.11 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Fitbit’s earnings, with the highest sales estimate coming in at $544.53 million and the lowest estimate coming in at $495.20 million. Fitbit reported sales of $571.20 million during the same quarter last year, which would suggest a negative year over year growth rate of 8.6%. The business is expected to issue its next quarterly earnings results on Wednesday, February 26th.

On average, analysts expect that Fitbit will report full year sales of $1.45 billion for the current fiscal year, with estimates ranging from $1.43 billion to $1.48 billion. For the next year, analysts anticipate that the business will report sales of $1.50 billion, with estimates ranging from $1.47 billion to $1.56 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Fitbit.

Fitbit (NYSE:FIT) last released its earnings results on Wednesday, November 6th. The scientific and technical instruments company reported ($0.10) earnings per share for the quarter, hitting the consensus estimate of ($0.10). The company had revenue of $347.20 million for the quarter, compared to the consensus estimate of $346.33 million. Fitbit had a negative net margin of 12.27% and a negative return on equity of 21.76%.

Several research firms have recently commented on FIT. Morgan Stanley raised shares of Fitbit from an “underweight” rating to an “equal weight” rating and set a $7.30 price objective on the stock in a report on Friday, November 1st. William Blair reaffirmed a “hold” rating on shares of Fitbit in a report on Thursday, August 29th. Wedbush reaffirmed a “hold” rating and issued a $4.00 price objective on shares of Fitbit in a report on Tuesday, October 29th. ValuEngine raised shares of Fitbit from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Finally, Roth Capital downgraded shares of Fitbit from a “buy” rating to a “neutral” rating and set a $7.30 price objective on the stock. in a report on Friday, November 1st. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $6.61.

Several hedge funds have recently added to or reduced their stakes in the company. Moors & Cabot Inc. boosted its holdings in shares of Fitbit by 25.2% in the 3rd quarter. Moors & Cabot Inc. now owns 12,900 shares of the scientific and technical instruments company’s stock valued at $52,000 after acquiring an additional 2,600 shares during the last quarter. Cetera Advisor Networks LLC lifted its stake in shares of Fitbit by 5.6% in the 3rd quarter. Cetera Advisor Networks LLC now owns 82,502 shares of the scientific and technical instruments company’s stock valued at $317,000 after purchasing an additional 4,400 shares during the period. Greenwich Wealth Management LLC lifted its stake in shares of Fitbit by 11.4% in the 2nd quarter. Greenwich Wealth Management LLC now owns 47,826 shares of the scientific and technical instruments company’s stock valued at $210,000 after purchasing an additional 4,900 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Fitbit by 1,110.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,752 shares of the scientific and technical instruments company’s stock valued at $25,000 after purchasing an additional 5,277 shares during the period. Finally, North Star Asset Management Inc. lifted its stake in shares of Fitbit by 57.6% in the 3rd quarter. North Star Asset Management Inc. now owns 16,000 shares of the scientific and technical instruments company’s stock valued at $61,000 after purchasing an additional 5,850 shares during the period. 56.69% of the stock is currently owned by institutional investors and hedge funds.

Shares of FIT stock remained flat at $$6.80 during trading hours on Wednesday. 10,381,865 shares of the stock traded hands, compared to its average volume of 30,809,696. The stock has a 50-day simple moving average of $4.92 and a 200 day simple moving average of $4.35. The stock has a market cap of $1.57 billion, a PE ratio of -11.33 and a beta of 1.71. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 1.65. Fitbit has a fifty-two week low of $2.81 and a fifty-two week high of $7.26.

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 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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