Fitbit Inc (NYSE:FIT) Short Interest Up 15.2% in October

Fitbit Inc (NYSE:FIT) saw a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 29,260,000 shares, an increase of 15.2% from the September 30th total of 25,390,000 shares. Based on an average daily volume of 6,450,000 shares, the short-interest ratio is presently 4.5 days. Approximately 13.1% of the shares of the company are short sold.

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Fitbit by 7.4% in the second quarter. Vanguard Group Inc. now owns 26,441,008 shares of the scientific and technical instruments company’s stock worth $116,340,000 after acquiring an additional 1,814,654 shares during the last quarter. DNB Asset Management AS grew its stake in shares of Fitbit by 15.1% in the third quarter. DNB Asset Management AS now owns 25,537,728 shares of the scientific and technical instruments company’s stock worth $97,299,000 after acquiring an additional 3,342,738 shares during the last quarter. BlackRock Inc. grew its stake in shares of Fitbit by 35.2% in the second quarter. BlackRock Inc. now owns 22,139,515 shares of the scientific and technical instruments company’s stock worth $97,414,000 after acquiring an additional 5,763,694 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Fitbit by 17.3% in the second quarter. Renaissance Technologies LLC now owns 7,607,110 shares of the scientific and technical instruments company’s stock worth $33,471,000 after acquiring an additional 1,122,710 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Fitbit by 1.9% in the second quarter. Northern Trust Corp now owns 2,628,466 shares of the scientific and technical instruments company’s stock worth $11,566,000 after acquiring an additional 48,996 shares during the last quarter. Institutional investors and hedge funds own 56.69% of the company’s stock.

Shares of Fitbit stock opened at $6.96 on Wednesday. The company’s fifty day simple moving average is $4.75 and its 200-day simple moving average is $4.33. The company has a market cap of $1.60 billion, a price-to-earnings ratio of -11.60 and a beta of 1.71. 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 has a 1 year low of $2.81 and a 1 year high of $7.26.

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 (EPS) for the quarter, hitting the consensus estimate of ($0.10). The business had revenue of $347.20 million for the quarter, compared to the consensus estimate of $346.33 million. Fitbit had a negative net margin of 12.27% and a negative return on equity of 21.05%. As a group, research analysts forecast that Fitbit will post -0.59 earnings per share for the current fiscal year.

Several equities analysts have commented on the company. William Blair reiterated a “hold” rating on shares of Fitbit in a report on Thursday, August 29th. Wedbush reiterated a “hold” rating and set a $4.00 price target on shares of Fitbit in a report on Tuesday, October 29th. ValuEngine upgraded Fitbit from a “hold” rating to a “buy” rating in a report on Friday, November 1st. Craig Hallum downgraded Fitbit from a “buy” rating to a “hold” rating and set a $7.30 price target on the stock. in a report on Friday, November 1st. Finally, DA Davidson downgraded Fitbit from a “buy” rating to a “neutral” rating and increased their price target for the company from $5.75 to $7.35 in a report on Monday, November 4th. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $6.61.

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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