Wall Street analysts expect Fitbit Inc (NYSE:FIT) to report $277.48 million in sales for the current fiscal quarter, according to Zacks. Ten analysts have issued estimates for Fitbit’s earnings. The lowest sales estimate is $259.55 million and the highest is $287 million. Fitbit reported sales of $505.36 million during the same quarter last year, which indicates a negative year-over-year growth rate of 45.1%. The firm is expected to issue its next earnings results after the market closes on Wednesday, May 3rd.
According to Zacks, analysts expect that Fitbit will report full year sales of $277.48 million for the current year, with estimates ranging from $1.5 billion to $1.66 billion. For the next financial year, analysts anticipate that the company will report sales of $1.78 billion per share, with estimates ranging from $1.6 billion to $2.15 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Fitbit.
Fitbit (NYSE:FIT) last released its earnings results on Wednesday, February 22nd. The scientific and technical instruments company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.50) by $0.06. Fitbit had a return on equity of 11.94% and a net margin of 4.67%. The firm had revenue of $574 million for the quarter, compared to analyst estimates of $576.04 million. During the same period last year, the business earned $0.35 earnings per share. The firm’s quarterly revenue was down 19.3% compared to the same quarter last year.
FIT has been the topic of a number of research analyst reports. Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $8.00 target price on shares of Fitbit in a research report on Monday, February 27th. Dougherty & Co restated a “neutral” rating on shares of Fitbit in a research report on Tuesday, February 21st. Deutsche Bank AG cut their target price on shares of Fitbit from $9.00 to $6.00 and set a “hold” rating on the stock in a research report on Monday, January 30th. Longbow Research restated a “hold” rating on shares of Fitbit in a research report on Wednesday, January 18th. Finally, Wedbush restated a “neutral” rating and issued a $6.50 target price (down previously from $8.50) on shares of Fitbit in a research report on Tuesday, January 31st. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $10.88.
Fitbit (NYSE:FIT) traded down 3.54% during midday trading on Friday, reaching $5.72. The company had a trading volume of 5,134,391 shares. The firm’s market capitalization is $1.29 billion. Fitbit has a one year low of $5.31 and a one year high of $18.39. The stock’s 50 day moving average price is $5.68 and its 200-day moving average price is $7.68.
In related news, EVP Andy Missan sold 50,000 shares of the business’s stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $5.91, for a total value of $295,500.00. Following the transaction, the executive vice president now owns 105,000 shares in the company, valued at $620,550. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Timothy M. Roberts sold 369,385 shares of Fitbit stock in a transaction on Friday, February 24th. The shares were sold at an average price of $6.01, for a total transaction of $2,220,003.85. Following the completion of the sale, the executive vice president now directly owns 369,385 shares of the company’s stock, valued at $2,220,003.85. The disclosure for this sale can be found here. In the last 90 days, insiders sold 592,537 shares of company stock worth $3,554,416. 37.29% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of FIT. Sumitomo Mitsui Asset Management Company LTD bought a new stake in Fitbit during the first quarter valued at $24,404,000. Russell Investments Group Ltd. increased its stake in Fitbit by 6,579.5% in the first quarter. Russell Investments Group Ltd. now owns 104,601 shares of the scientific and technical instruments company’s stock valued at $621,000 after buying an additional 103,035 shares during the period. Amerigo Asset Management bought a new stake in Fitbit during the first quarter valued at $13,983,000. Hamilton Lane Advisors LLC increased its stake in Fitbit by 18.7% in the first quarter. Hamilton Lane Advisors LLC now owns 241,234 shares of the scientific and technical instruments company’s stock valued at $1,428,000 after buying an additional 37,961 shares during the period. Finally, DnB Asset Management AS increased its stake in Fitbit by 81.2% in the first quarter. DnB Asset Management AS now owns 10,363,503 shares of the scientific and technical instruments company’s stock valued at $61,352,000 after buying an additional 4,644,977 shares during the period. 65.31% of the stock is owned by hedge funds and other institutional investors.
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Fitbit Company Profile
Fitbit, Inc is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts.
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