Fitbit (FIT) Downgraded to “Sell” at Stifel Nicolaus

Fitbit (NYSE:FIT) was downgraded by equities researchers at Stifel Nicolaus from a “hold” rating to a “sell” rating in a report issued on Friday.

FIT has been the subject of several other reports. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $6.75 target price for the company in a research note on Monday, October 30th. Vetr upgraded shares of Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.17 target price for the company in a research note on Tuesday, August 22nd. BidaskClub upgraded shares of Fitbit from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Morgan Stanley increased their price objective on shares of Fitbit from $6.50 to $7.00 and gave the company an “equal weight” rating in a research note on Friday, October 20th. Finally, Dougherty & Co reiterated a “neutral” rating on shares of Fitbit in a research note on Wednesday, October 4th. Five equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. Fitbit currently has a consensus rating of “Hold” and a consensus price target of $6.94.

Fitbit (NYSE FIT) opened at $6.82 on Friday. Fitbit has a 52 week low of $4.90 and a 52 week high of $8.40.

Fitbit (NYSE:FIT) last announced its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.03. The business had revenue of $392.50 million during the quarter, compared to the consensus estimate of $391.70 million. Fitbit had a negative net margin of 23.35% and a negative return on equity of 28.33%. The business’s quarterly revenue was down 22.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.19 earnings per share. equities research analysts expect that Fitbit will post -0.49 earnings per share for the current fiscal year.

In related news, Director Steven Joseph Murray sold 966,641 shares of the stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $6.09, for a total value of $5,886,843.69. Following the sale, the director now owns 11,442 shares of the company’s stock, valued at approximately $69,681.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Andy Missan sold 25,000 shares of the stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $7.00, for a total transaction of $175,000.00. Following the completion of the sale, the executive vice president now directly owns 110,133 shares in the company, valued at approximately $770,931. The disclosure for this sale can be found here. Insiders have sold 1,051,841 shares of company stock worth $6,462,854 over the last three months. 29.10% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Fitbit by 13.9% in the 2nd quarter. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock worth $68,012,000 after acquiring an additional 1,567,672 shares during the period. Allianz Asset Management GmbH increased its holdings in shares of Fitbit by 25.2% in the 3rd quarter. Allianz Asset Management GmbH now owns 5,440,776 shares of the scientific and technical instruments company’s stock worth $37,868,000 after acquiring an additional 1,096,000 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its holdings in shares of Fitbit by 27.9% in the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 5,271,905 shares of the scientific and technical instruments company’s stock worth $36,692,000 after acquiring an additional 1,149,580 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Fitbit by 193.6% in the 2nd quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock worth $25,178,000 after acquiring an additional 3,126,706 shares during the period. Finally, State Street Corp increased its holdings in shares of Fitbit by 68.0% in the 2nd quarter. State Street Corp now owns 3,330,776 shares of the scientific and technical instruments company’s stock worth $17,686,000 after acquiring an additional 1,348,058 shares during the period. 58.36% of the stock is currently owned by institutional investors and hedge funds.

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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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