Fitbit Inc (FIT) Earns “Neutral” Rating from Longbow Research

Longbow Research reiterated their neutral rating on shares of Fitbit Inc (NYSE:FIT) in a report published on Wednesday morning, MarketBeat.com reports.

Several other research analysts have also weighed in on the company. Citigroup Inc. reaffirmed a sell rating and set a $5.00 price target on shares of Fitbit in a research report on Tuesday, June 6th. Dougherty & Co reaffirmed a neutral rating on shares of Fitbit in a research report on Saturday, June 3rd. ValuEngine raised Fitbit from a strong sell rating to a sell rating in a research report on Friday, June 2nd. Deutsche Bank AG lowered their price target on Fitbit from $6.50 to $6.00 and set a hold rating on the stock in a research report on Monday, May 15th. Finally, Zacks Investment Research lowered Fitbit from a buy rating to a hold rating in a research report on Tuesday, May 9th. Five research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $8.88.

Shares of Fitbit (NYSE:FIT) traded up 4.942% during trading on Wednesday, reaching $5.415. The company’s stock had a trading volume of 5,605,223 shares. Fitbit has a 52 week low of $4.99 and a 52 week high of $17.18. The company’s market cap is $1.24 billion. The stock’s 50 day moving average price is $5.54 and its 200 day moving average price is $6.21.

Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported ($0.15) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.25) by $0.10. The firm had revenue of $298.94 million for the quarter, compared to analyst estimates of $277.48 million. Fitbit had a negative return on equity of 24.54% and a negative net margin of 20.10%. Equities research analysts predict that Fitbit will post ($0.35) EPS for the current year.

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In other news, Director Christopher B. Paisley acquired 25,000 shares of the firm’s stock in a transaction on Monday, June 5th. The shares were purchased at an average cost of $5.39 per share, with a total value of $134,750.00. Following the acquisition, the director now directly owns 36,442 shares in the company, valued at approximately $196,422.38. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Andy Missan sold 10,000 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $5.57, for a total value of $55,700.00. Following the completion of the transaction, the executive vice president now directly owns 62,702 shares in the company, valued at $349,250.14. The disclosure for this sale can be found here. Corporate insiders own 29.10% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. 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 worth $1,428,000 after buying an additional 37,961 shares during the last quarter. 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 worth $61,352,000 after buying an additional 4,644,977 shares during the last quarter. Norges Bank bought a new stake in Fitbit during the fourth quarter worth $8,678,000. Summit Street Capital Management LLC increased its stake in Fitbit by 25.1% in the fourth quarter. Summit Street Capital Management LLC now owns 282,677 shares of the scientific and technical instruments company’s stock worth $2,069,000 after buying an additional 56,626 shares during the last quarter. Finally, Guggenheim Capital LLC increased its stake in Fitbit by 6.7% in the fourth quarter. Guggenheim Capital LLC now owns 36,211 shares of the scientific and technical instruments company’s stock worth $266,000 after buying an additional 2,264 shares during the last quarter. Hedge funds and other institutional investors own 52.65% of the company’s stock.

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.

Analyst Recommendations for Fitbit (NYSE:FIT)

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