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

Fitbit (NYSE:FIT) was downgraded by equities research analysts at Stifel Nicolaus from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday, December 15th, Marketbeat reports. They presently have a $6.00 price objective on the scientific and technical instruments company’s stock. Stifel Nicolaus’ price objective indicates a potential downside of 0.17% from the company’s previous close.

A number of other brokerages have also recently weighed in on FIT. Vetr raised Fitbit from a “buy” rating to a “strong-buy” rating and set a $6.17 price objective for the company in a research note on Tuesday, August 22nd. BidaskClub upgraded Fitbit from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Zacks Investment Research cut Fitbit from a “buy” rating to a “hold” rating in a research report on Monday, August 28th. Oppenheimer restated an “outperform” rating and issued a $8.00 price target on shares of Fitbit in a research report on Tuesday, August 29th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $6.00 target price on shares of Fitbit in a research report on Tuesday, September 5th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company’s stock. Fitbit has an average rating of “Hold” and a consensus price target of $6.94.

Shares of Fitbit (FIT) traded down $0.05 during mid-day trading on Friday, hitting $6.01. The stock had a trading volume of 5,367,500 shares, compared to its average volume of 7,505,951. The firm has a market capitalization of $1,420.00 and a price-to-earnings ratio of -3.64. Fitbit has a fifty-two week low of $4.90 and a fifty-two week high of $8.40.

Fitbit (NYSE:FIT) last released 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. Fitbit had a negative return on equity of 28.33% and a negative net margin of 23.35%. The business had revenue of $392.50 million for the quarter, compared to the consensus estimate of $391.70 million. During the same quarter last year, the business posted $0.19 earnings per share. The business’s quarterly revenue was down 22.1% compared to the same quarter last year. research analysts predict that Fitbit will post -0.49 earnings per share for the current year.

In other Fitbit news, Director Jon Callaghan sold 15,000 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $6.89, for a total value of $103,350.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Andy Missan sold 25,000 shares of the firm’s 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 transaction, 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. Over the last quarter, insiders sold 1,051,841 shares of company stock valued at $6,462,854. 29.10% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its stake in shares of Fitbit by 39.5% during the first quarter. Dimensional Fund Advisors LP now owns 646,872 shares of the scientific and technical instruments company’s stock valued at $3,829,000 after acquiring an additional 183,025 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Fitbit by 35.6% during the first quarter. Schwab Charles Investment Management Inc. now owns 382,085 shares of the scientific and technical instruments company’s stock valued at $2,262,000 after acquiring an additional 100,406 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Fitbit by 10.4% during the second quarter. Russell Investments Group Ltd. now owns 115,441 shares of the scientific and technical instruments company’s stock valued at $614,000 after acquiring an additional 10,840 shares during the period. Global X Management Co. LLC increased its stake in shares of Fitbit by 30.7% during the second quarter. Global X Management Co. LLC now owns 63,803 shares of the scientific and technical instruments company’s stock valued at $339,000 after acquiring an additional 14,999 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of Fitbit by 55.8% during the second quarter. Rhumbline Advisers now owns 211,044 shares of the scientific and technical instruments company’s stock valued at $1,121,000 after acquiring an additional 75,571 shares during the period. 58.25% of the stock is currently owned by hedge funds and other institutional investors.

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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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