Fitbit, Inc. (FIT) Stock Rating Upgraded by Zacks Investment Research

Fitbit, Inc. (NYSE:FIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, August 8th. The brokerage currently has a $6.50 target price on the scientific and technical instruments company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 24.28% from the company’s current price.

According to Zacks, “Fitbit Inc. is a manufacturer of wearable fitness tracking devices. The company reported second-quarter 2017 adjusted loss of 18 cents per share, which was narrower than the Zacks Consensus Estimate. Over the last one year, the stock has underperformed the Zacks characterised Electronic Measuring Instruments Industry. Fitbit’s growth has been slowing down with smartwatches outshining the fitness wearable category, influx of new wearables, lack of upgrades among existing users and lackluster growth in the Asia Pacific region. Management has taken some recovery initiatives that include executive shakeup and cost structuring.”

Other equities analysts also recently issued reports about the stock. Morgan Stanley decreased their price target on shares of Fitbit from $7.00 to $6.50 and set an “equal weight” rating on the stock in a research note on Monday, July 31st. Benchmark Co. started coverage on shares of Fitbit in a research note on Tuesday, April 25th. They issued a “buy” rating and a $10.00 price target on the stock. BidaskClub downgraded shares of Fitbit from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st. Vetr downgraded shares of Fitbit from a “buy” rating to a “sell” rating and set a $4.83 price objective on the stock. in a research note on Wednesday, July 12th. Finally, Longbow Research reiterated a “hold” rating on shares of Fitbit in a research note on Saturday, May 27th. Six equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the stock. Fitbit currently has a consensus rating of “Hold” and an average target price of $7.93.

Fitbit (FIT) traded down 0.57% on Tuesday, reaching $5.23. 4,346,719 shares of the company were exchanged. Fitbit has a 12-month low of $4.90 and a 12-month high of $17.18. The stock has a 50 day moving average of $5.49 and a 200 day moving average of $5.64. The firm’s market capitalization is $1.22 billion.

Fitbit (NYSE:FIT) last released its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, beating the Thomson Reuters’ 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 the consensus estimate of $341.24 million. During the same period in the previous year, the company earned $0.12 earnings per share. The company’s quarterly revenue was down 39.8% on a year-over-year basis. Equities analysts anticipate that Fitbit will post ($0.31) EPS for the current year.

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In related news, EVP Andy Missan sold 5,000 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $5.68, for a total value of $28,400.00. Following the sale, the executive vice president now directly owns 80,332 shares in the company, valued at approximately $456,285.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven Joseph Murray sold 500,000 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $5.73, for a total value of $2,865,000.00. Following the completion of the sale, the director now owns 11,442 shares in the company, valued at $65,562.66. The disclosure for this sale can be found here. Insiders have sold a total of 1,045,000 shares of company stock worth $5,770,100 over the last quarter. Company insiders own 29.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of FIT. DnB Asset Management AS raised its position in Fitbit by 57.8% in the second quarter. DnB Asset Management AS now owns 16,352,508 shares of the scientific and technical instruments company’s stock worth $86,832,000 after buying an additional 5,989,005 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD bought a new position in Fitbit during the first quarter worth $24,404,000. Renaissance Technologies LLC raised its position in Fitbit by 193.6% in the second quarter. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company’s stock worth $25,178,000 after buying an additional 3,126,706 shares during the last quarter. Amerigo Asset Management bought a new position in Fitbit during the first quarter worth $13,983,000. Finally, Gluskin Sheff & Assoc Inc. bought a new position in Fitbit during the first quarter worth $14,361,000. 55.86% of the stock is owned by institutional investors and hedge funds.

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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