$522.11 Million in Sales Expected for Fitbit Inc (NYSE:FIT) This Quarter

Wall Street brokerages predict that Fitbit Inc (NYSE:FIT) will report sales of $522.11 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Fitbit’s earnings, with the lowest sales estimate coming in at $495.20 million and the highest estimate coming in at $544.53 million. Fitbit reported sales of $571.20 million in the same quarter last year, which indicates a negative year over year growth rate of 8.6%. The company is scheduled to report 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 financial year, analysts expect that the business will report sales of $1.50 billion, with estimates ranging from $1.47 billion to $1.56 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Fitbit.

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

A number of research analysts recently issued reports on FIT shares. ValuEngine upgraded shares of Fitbit from a “hold” rating to a “buy” rating in a research note on Wednesday, January 15th. Citigroup upgraded shares of Fitbit from a “sell” rating to a “hold” rating and raised their target price for the company from $2.00 to $7.30 in a research note on Friday, November 1st. Roth Capital lowered shares of Fitbit from a “buy” rating to a “neutral” rating and set a $7.30 target price on the stock. in a research note on Friday, November 1st. DA Davidson lowered shares of Fitbit from a “buy” rating to a “neutral” rating and raised their target price for the company from $5.75 to $7.35 in a research note on Monday, November 4th. Finally, Craig Hallum lowered shares of Fitbit from a “buy” rating to a “hold” rating and set a $7.30 target price on the stock. in a research note on Friday, November 1st. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $6.61.

NYSE:FIT traded up $0.01 during midday trading on Monday, reaching $6.69. The stock had a trading volume of 3,549,387 shares, compared to its average volume of 4,914,177. Fitbit has a 1-year low of $2.81 and a 1-year high of $7.26. The firm’s fifty day simple moving average is $6.58 and its 200-day simple moving average is $5.02. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.65 and a quick ratio of 1.29. The stock has a market capitalization of $1.53 billion, a P/E ratio of -9.29 and a beta of 1.73.

In other Fitbit news, CEO James Park sold 340,987 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $6.80, for a total value of $2,318,711.60. Following the completion of the sale, the chief executive officer now directly owns 527,017 shares of the company’s stock, valued at approximately $3,583,715.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 18.60% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC lifted its holdings in Fitbit by 1,110.9% during 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 last quarter. FNY Investment Advisers LLC bought a new position in shares of Fitbit in the third quarter worth about $35,000. Marshall Wace North America L.P. bought a new position in shares of Fitbit in the first quarter worth about $62,000. Moors & Cabot Inc. lifted its holdings in shares of Fitbit by 25.2% in the third quarter. Moors & Cabot Inc. now owns 12,900 shares of the scientific and technical instruments company’s stock worth $52,000 after acquiring an additional 2,600 shares during the last quarter. Finally, North Star Asset Management Inc. lifted its holdings in shares of Fitbit by 57.6% in the third quarter. North Star Asset Management Inc. now owns 16,000 shares of the scientific and technical instruments company’s stock worth $61,000 after acquiring an additional 5,850 shares during the last quarter. 52.89% of the stock is owned by hedge funds and other institutional investors.

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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