Fitbit, Inc. (NYSE:FIT) Sees Large Decrease in Short Interest

Fitbit, Inc. (NYSE:FIT) was the target of a significant decline in short interest in August. As of August 15th, there was short interest totalling 38,696,099 shares, a decline of 9.6% from the July 31st total of 42,828,090 shares. Based on an average daily trading volume, of 9,051,529 shares, the days-to-cover ratio is currently 4.3 days. Currently, 24.0% of the shares of the stock are sold short.

FIT has been the subject of several research analyst reports. Longbow Research reaffirmed a “hold” rating on shares of Fitbit in a research note on Saturday, May 27th. ValuEngine raised Fitbit from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. Dougherty & Co reissued a “neutral” rating on shares of Fitbit in a research note on Saturday, June 3rd. Citigroup Inc. reissued a “sell” rating and issued a $5.00 target price on shares of Fitbit in a research note on Tuesday, June 6th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $6.00 target price (down previously from $7.00) on shares of Fitbit in a research note on Friday, June 23rd. Six research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $7.99.

In other Fitbit news, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $5.91, for a total transaction of $29,550.00. Following the completion of the sale, the executive vice president now owns 71,419 shares of the company’s stock, valued at $422,086.29. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $5.09, for a total value of $76,350.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 555,000 shares of company stock valued at $3,167,450. 29.10% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in FIT. Principal Financial Group Inc. acquired a new stake in shares of Fitbit in the 2nd quarter valued at $114,000. Amalgamated Bank raised its holdings in shares of Fitbit by 20.1% in the 2nd quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after purchasing an additional 3,698 shares in the last quarter. Kissinger Financial Services LLC acquired a new stake in shares of Fitbit in the 2nd quarter valued at $153,000. Capital Fund Management S.A. acquired a new stake in shares of Fitbit in the 2nd quarter valued at $157,000. Finally, Croft Leominster Inc. acquired a new stake in shares of Fitbit in the 1st quarter valued at $166,000. Institutional investors own 56.04% of the company’s stock.

Fitbit (NYSE:FIT) traded down 4.22% on Friday, hitting $6.59. The company’s stock had a trading volume of 10,684,592 shares. The firm’s market cap is $1.54 billion. The firm has a 50 day moving average of $6.53 and a 200 day moving average of $6.37. Fitbit has a 12 month low of $5.62 and a 12 month high of $17.18.

Fitbit (NYSE:FIT) last issued its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.07. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. The firm had revenue of $353.30 million for the quarter, compared to analyst estimates of $341.24 million. During the same period in the prior year, the business posted $0.12 EPS. The business’s revenue for the quarter was down 39.8% compared to the same quarter last year. Equities research analysts forecast that Fitbit will post ($0.31) earnings per share for the current fiscal year.

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About Fitbit

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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