DA Davidson Lowers Fitbit (NYSE:FIT) to Neutral

DA Davidson lowered shares of Fitbit (NYSE:FIT) from a buy rating to a neutral rating in a research report report published on Monday, Benzinga’s Daily Ratings Newsletter reports. They currently have $7.35 price target on the scientific and technical instruments company’s stock, up from their prior price target of $5.75.

A number of other research analysts have also recently commented on FIT. Citigroup upgraded shares of Fitbit from a sell rating to a hold rating and upped their price target for the stock from $2.00 to $7.30 in a report on Friday, November 1st. Craig Hallum lowered shares of Fitbit from a buy rating to a hold rating and set a $7.30 price objective for the company. in a research note on Friday, November 1st. Morgan Stanley raised shares of Fitbit from an underweight rating to an equal weight rating and set a $7.30 price objective for the company in a research note on Friday, November 1st. ValuEngine raised shares of Fitbit from a hold rating to a buy rating in a research note on Friday, November 1st. Finally, William Blair reaffirmed a hold rating on shares of Fitbit in a research note on Thursday, August 29th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $6.61.

Shares of NYSE:FIT traded down $0.04 during trading on Monday, reaching $6.99. The company had a trading volume of 578,875 shares, compared to its average volume of 26,134,924. The company has a fifty day moving average of $4.44 and a two-hundred day moving average of $4.29. The stock has a market capitalization of $1.80 billion, a P/E ratio of -11.67 and a beta of 1.71. Fitbit has a 12 month low of $2.81 and a 12 month high of $7.26. The company has a current ratio of 1.87, a quick ratio of 1.58 and a debt-to-equity ratio of 0.12.

Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, November 6th. The scientific and technical instruments company reported ($0.10) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.10). The firm had revenue of $347.20 million for the quarter, compared to analyst estimates of $346.33 million. Fitbit had a negative net margin of 8.69% and a negative return on equity of 15.67%. As a group, equities research analysts predict that Fitbit will post -0.59 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC raised its holdings 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 worth $25,000 after purchasing an additional 5,277 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Fitbit during the second quarter worth $35,000. FNY Investment Advisers LLC bought a new stake in shares of Fitbit during the third quarter worth $35,000. Allianz Asset Management GmbH bought a new stake in shares of Fitbit during the second quarter worth $45,000. Finally, Marshall Wace North America L.P. bought a new stake in shares of Fitbit during the first quarter worth $62,000. Hedge funds and other institutional investors own 56.58% of the company’s stock.

About Fitbit

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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Analyst Recommendations for Fitbit (NYSE:FIT)

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