Fitbit (FIT) – Analysts’ Recent Ratings Changes

A number of firms have modified their ratings and price targets on shares of Fitbit (NYSE: FIT) recently:

  • 5/23/2018 – Fitbit was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “Fitbit is benefiting from the introduction of new products related to health and wellness. Also, new features and services, increased brand awareness, expanded global distribution and presence in the corporate wellness market will continue to be the growth drivers in our view. Further, management remains confident on Versa smartwatch product. Moreover, Fitbit’s recovery initiatives that include cost structuring and focus on new smartwatches, are likely to boost demand for its products. However, the company is currently grappling with mounting competition from Apple and Xiaomi in the wearables space which affected its first-quarter results. In the past 12 months, the stock has underperformed the industry it belongs to.”
  • 5/17/2018 – Fitbit is now covered by analysts at Cascend Securities. They set a “hold” rating on the stock.
  • 5/8/2018 – Fitbit was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating.
  • 5/3/2018 – Fitbit had its price target lowered by analysts at Bank of America from $5.00 to $4.80. They now have an “underperform” rating on the stock.
  • 5/2/2018 – Fitbit was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating.
  • 5/1/2018 – Fitbit was given a new $4.00 price target on by analysts at Morgan Stanley. They now have a “sell” rating on the stock.
  • 5/1/2018 – Fitbit was given a new $8.00 price target on by analysts at Roth Capital. They now have a “buy” rating on the stock.
  • 4/30/2018 – Fitbit was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “strong sell” rating. According to Zacks, “Fitbit is currently grappling with mounting competition from Apple and Xiaomi in the wearables space. The company’s results have suffered by weak demand for its fitness products. Also, increasing competition impacted results. The company has been introducing new products to increase its revenue base but these products which focus more on health and wellness are unable to drive enough revenues for the company. However, management has taken some recovery initiatives that include cost structuring and focus on new smartwatches. Also, new features and services, increased brand awareness, expanded global distribution and presence in the corporate wellness market will continue to be the growth drivers in our view. In the past 12 months, the stock has underperformed the industry it belongs to.”
  • 4/30/2018 – Fitbit is now covered by analysts at DA Davidson. They set a “neutral” rating and a $5.50 price target on the stock.
  • 4/2/2018 – Fitbit was downgraded by analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating. They now have a $4.00 price target on the stock, down previously from $5.00.

Shares of Fitbit traded up $0.03, reaching $5.25, during midday trading on Thursday, according to Marketbeat Ratings. The company had a trading volume of 3,949,400 shares, compared to its average volume of 5,261,306. Fitbit has a one year low of $4.51 and a one year high of $7.32. The firm has a market cap of $1.10 billion, a PE ratio of -8.08 and a beta of 1.89.

Fitbit (NYSE:FIT) last released its earnings results on Monday, February 26th. The scientific and technical instruments company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.06). Fitbit had a negative net margin of 19.05% and a negative return on equity of 19.17%. The company had revenue of $570.76 million during the quarter, compared to the consensus estimate of $587.03 million. sell-side analysts anticipate that Fitbit will post -0.65 earnings per share for the current year.

In related news, Director Steven Joseph Murray sold 260,572 shares of the business’s stock in a transaction dated Wednesday, May 16th. The stock was sold at an average price of $5.20, for a total transaction of $1,354,974.40. Following the transaction, the director now owns 11,442 shares in the company, valued at approximately $59,498.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $4.62, for a total value of $69,300.00. The disclosure for this sale can be found here. In the last three months, insiders sold 1,305,572 shares of company stock valued at $6,654,724. 19.84% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Investors Research Corp purchased a new position in Fitbit during the 4th quarter valued at about $101,000. Alps Advisors Inc. purchased a new position in Fitbit during the 1st quarter valued at about $121,000. Crescent Grove Advisors LLC purchased a new position in Fitbit during the 1st quarter valued at about $128,000. Xact Kapitalforvaltning AB increased its holdings in Fitbit by 69.7% during the 1st quarter. Xact Kapitalforvaltning AB now owns 25,078 shares of the scientific and technical instruments company’s stock valued at $128,000 after purchasing an additional 10,300 shares during the period. Finally, Greenwich Wealth Management LLC increased its holdings in Fitbit by 84.1% during the 4th quarter. Greenwich Wealth Management LLC now owns 23,425 shares of the scientific and technical instruments company’s stock valued at $134,000 after purchasing an additional 10,700 shares during the period. Institutional investors own 61.69% of the company’s stock.

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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