Fitbit (NYSE:FIT) Research Coverage Started at Roth Capital

Analysts at Roth Capital began coverage on shares of Fitbit (NYSE:FIT) in a research report issued to clients and investors on Friday, January 5th. The firm set a “buy” rating and a $10.00 price target on the scientific and technical instruments company’s stock. Roth Capital’s price target would indicate a potential upside of 74.83% from the stock’s previous close.

FIT has been the subject of a number of other reports. Morgan Stanley set a $6.00 price target on shares of Fitbit and gave the company a “hold” rating in a research report on Friday, January 5th. Vetr cut shares of Fitbit from a “strong-buy” rating to a “hold” rating and set a $6.72 price target for the company. in a research report on Thursday, September 7th. Zacks Investment Research cut shares of Fitbit from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Dougherty & Co restated a “neutral” rating on shares of Fitbit in a report on Wednesday, September 27th. Finally, ValuEngine upgraded shares of Fitbit from a “strong sell” rating to a “sell” rating in a report on Friday, September 15th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company’s stock. Fitbit currently has a consensus rating of “Hold” and a consensus target price of $7.05.

Shares of Fitbit (FIT) traded up $0.13 during mid-day trading on Friday, reaching $5.72. 5,937,000 shares of the company’s stock were exchanged, compared to its average volume of 6,439,538. Fitbit has a one year low of $4.90 and a one year high of $7.62. The stock has a market capitalization of $1,330.00 and a P/E ratio of -3.47.

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

In other news, EVP Andy Missan sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $6.29, for a total transaction of $31,450.00. Following the completion of the sale, the executive vice president now owns 109,475 shares in the company, valued at approximately $688,597.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $6.29, for a total transaction of $94,350.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,026,841 shares of company stock valued at $6,268,204 in the last 90 days. Insiders own 29.10% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in FIT. DnB Asset Management AS raised its position in Fitbit by 21.6% in the 4th quarter. DnB Asset Management AS now owns 17,685,592 shares of the scientific and technical instruments company’s stock valued at $100,985,000 after purchasing an additional 3,145,026 shares during the last quarter. Renaissance Technologies LLC raised its position in 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 valued at $25,178,000 after purchasing an additional 3,126,706 shares during the last quarter. Vanguard Group Inc. raised its position in 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 valued at $68,012,000 after purchasing an additional 1,567,672 shares during the last quarter. State Street Corp raised its position in 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 valued at $17,686,000 after purchasing an additional 1,348,058 shares during the last quarter. Finally, Northern Trust Corp raised its position in Fitbit by 191.8% in the 2nd quarter. Northern Trust Corp now owns 1,946,325 shares of the scientific and technical instruments company’s stock valued at $10,335,000 after purchasing an additional 1,279,330 shares during the last quarter. Hedge funds and other institutional investors own 58.25% of the company’s stock.

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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.

Analyst Recommendations for Fitbit (NYSE:FIT)

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