Fitbit (NYSE:FIT) Rating Lowered 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 research note issued on Friday, December 15th, MarketBeat.com reports. They currently have a $6.00 price target on the scientific and technical instruments company’s stock. Stifel Nicolaus’ price objective suggests a potential downside of 0.17% from the stock’s current price.

Several other analysts have also weighed in on the stock. Vetr lowered shares of Fitbit from a “hold” rating to a “sell” rating and set a $6.67 target price for the company. in a research note on Thursday, September 28th. Zacks Investment Research lowered shares of Fitbit from a “buy” rating to a “hold” rating in a research report on Wednesday, September 13th. Dougherty & Co restated a “neutral” rating on shares of Fitbit in a research report on Wednesday, September 27th. Oppenheimer reiterated an “outperform” rating and issued a $8.00 target price on shares of Fitbit in a research report on Wednesday, October 4th. Finally, Cowen set a $6.00 target price on shares of Fitbit and gave the company a “hold” rating in a research report on Monday, October 23rd. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $6.94.

Shares of Fitbit (FIT) opened at $6.01 on Friday. Fitbit has a twelve month low of $4.90 and a twelve month high of $8.40. The stock has a market cap of $1,420.00 and a P/E ratio of -3.64.

Fitbit (NYSE:FIT) last released its quarterly earnings data on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate 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 during 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 revenue for the quarter was down 22.1% on a year-over-year basis. analysts forecast that Fitbit will post -0.49 EPS for the current fiscal year.

In related news, Director Jon Callaghan sold 15,000 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $6.89, for a total value of $103,350.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Steven Joseph Murray sold 966,641 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $6.09, for a total value of $5,886,843.69. Following the completion of the transaction, the director now owns 11,442 shares in the company, valued at approximately $69,681.78. The disclosure for this sale can be found here. Insiders sold 1,051,841 shares of company stock valued at $6,462,854 over the last three months. 29.10% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in FIT. Dimensional Fund Advisors LP increased its holdings in Fitbit by 39.5% in the first quarter. Dimensional Fund Advisors LP now owns 646,872 shares of the scientific and technical instruments company’s stock worth $3,829,000 after buying an additional 183,025 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in 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 purchasing an additional 100,406 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in 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 purchasing an additional 10,840 shares during the last quarter. Global X Management Co. LLC grew its holdings in 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 purchasing an additional 14,999 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in 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 purchasing an additional 75,571 shares during the last quarter. Hedge funds and other institutional investors own 58.25% of the company’s stock.

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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.