Fitbit (FIT) Lifted to Outperform at Wedbush

Maricruz Casares
Noviembre 5, 2018

The shares of Fitbit, Inc. was among the active stocks of the last trading sessions. Institutional ownership refers to the ownership stake in a company that is held by large financial organizations, pension funds or endowments. Russell Investments Group Ltd. increased its holdings in shares of Fitbit by 11.7% during the 1st quarter. GWM Advisors LLC bought a new position in shares of Fitbit during the third quarter worth $144,000. Commerzbank Aktiengesellschaft FI boosted its holdings in Fitbit by 2.8% during the second quarter. DNB Asset Management AS now owns 21,302,221 shares of the scientific and technical instruments company's stock valued at $113,967,000 after purchasing an additional 4,183,045 shares in the last quarter. Russell Investments Group Ltd. now owns 118,894 shares of the scientific and technical instruments company's stock worth $606,000 after buying an additional 12,500 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in Fitbit by 8.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,160,629 shares of the scientific and technical instruments company's stock valued at $7,579,000 after purchasing an additional 240,290 shares in the last quarter. Hedge funds and other institutional investors own 62.18% of the company's stock.

FIT has been the topic of a number of research analyst reports. The stock rating was maintained by Stifel Nicolaus with "Hold" on Thursday, August 2. Analysts at William Blair, started covering the stock on June 20 with a Mkt Perform rating. Wedbush raised shares of Fitbit from a neutral rating to an outperform rating and set a $7.00 target price for the company in a report on Friday, October 12th. Finally, Robert W. Baird reiterated a hold rating and issued a $6.00 price target on shares of Fitbit in a research note on Thursday, August 2nd. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The company has an average rating of "Hold" and an average price target of $5.83. The company has a market cap of $1.31 billion, a price-to-earnings ratio of -9.38 and a beta of 1.65. During the past 12 months, its highest price was $7.79, which this stock reach on 06/12/18, compared to its lowest price during that period - which was $4.23 on 06/12/18.

Fitbit, Inc., (NYSE: FIT) closed at $6.1 in the latest trading session, marking a 2.52 move from the prior day. The scientific and technical instruments company reported $0.04 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.05, reports. The business had revenue of $393.60 million during the quarter, compared to analysts' expectations of $381.25 million. Fitbit had a negative return on equity of 25.74% and a negative net margin of 23.70%. The business's revenue for the quarter was up.3% compared to the same quarter a year ago. William Blair analyst J. Garro now expects that the scientific and technical instruments company will post earnings of $0.00 per share for the quarter, down from their previous forecast of $0.02.

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According to analysts Fitbit Inc (NYSE:FIT)'s minimum EPS for the current quarter is at $0.04 and can go high up to $0.11.

In other Fitbit news, Director Steven Joseph Murray sold 1,000,000 shares of the business's stock in a transaction dated Monday, August 27th.

The price target set for the stock is $6.47. Following the sale, the director now directly owns 42,332 shares in the company, valued at $263,305.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The shares were sold at an average price of $5.43, for a total transaction of $54,300.00. Following the sale, the executive vice president now owns 161,881 shares in the company, valued at $961,573.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,025,000 shares of company stock valued at $6,354,550. The company's stock now has a total float of 208.58M shares. It also provides Fitbit Alta, a customizable wristband that offers call, text, and calendar notifications when paired with the userÂ's phone and SmartTrack automatic exercise recognition; Fitbit Charge 2, a wireless heart rate and activity wristband; Fitbit Blaze, a smart fitness watch that provides multi-sport functionality, tracks outdoor cycling activity, and run cues; and Fitbit Surge, a fitness watch that features a Global Positioning System watch, heart rate tracker, activity tracker, and smartwatch.

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