Fitbit Inc (FIT) Shares Gap Down After Analyst Downgrade

Shares of Fitbit Inc (NYSE:FIT) gapped down before the market opened on Monday after Deutsche Bank AG lowered their price target on the stock from $6.50 to $6.00. The stock had previously closed at $6.06, but opened at $6.15. Deutsche Bank AG currently has a hold rating on the stock. Fitbit shares last traded at $6.40, with a volume of 6,657,183 shares changing hands.

Several other brokerages have also recently issued reports on FIT. Wedbush reaffirmed a “neutral” rating and set a $8.50 target price (down previously from $10.00) on shares of Fitbit in a research report on Tuesday, January 17th. Longbow Research reissued a “hold” rating on shares of Fitbit in a research report on Wednesday, January 18th. FBN Securities lowered their price objective on Fitbit from $15.00 to $9.00 and set an “outperform” rating for the company in a research report on Monday, January 30th. Mizuho lowered their price objective on Fitbit from $9.00 to $6.50 and set a “neutral” rating for the company in a research report on Monday, January 30th. Finally, Zacks Investment Research cut Fitbit from a “buy” rating to a “hold” rating in a research report on Tuesday, May 9th. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Fitbit has a consensus rating of “Hold” and a consensus price target of $10.21.

In related news, EVP Andy Missan sold 50,000 shares of Fitbit stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $5.91, for a total value of $295,500.00. Following the completion of the transaction, the executive vice president now owns 105,000 shares in the company, valued at approximately $620,550. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Timothy M. Roberts sold 369,385 shares of Fitbit stock in a transaction dated Friday, February 24th. The stock was sold at an average price of $6.01, for a total value of $2,220,003.85. Following the completion of the sale, the executive vice president now owns 369,385 shares in the company, valued at $2,220,003.85. The disclosure for this sale can be found here. In the last 90 days, insiders sold 592,537 shares of company stock valued at $3,554,416. 37.29% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the company. UBS Oconnor LLC boosted its stake in Fitbit by 8.8% in the third quarter. UBS Oconnor LLC now owns 1,425,389 shares of the scientific and technical instruments company’s stock valued at $21,153,000 after buying an additional 115,862 shares during the last quarter. Blue Clay Capital Management LLC purchased a new stake in Fitbit during the third quarter valued at about $220,000. Adage Capital Partners GP L.L.C. purchased a new stake in Fitbit during the third quarter valued at about $7,420,000. AMP Capital Investors Ltd boosted its stake in Fitbit by 3.2% in the third quarter. AMP Capital Investors Ltd now owns 355,030 shares of the scientific and technical instruments company’s stock valued at $5,262,000 after buying an additional 11,115 shares during the last quarter. Finally, Morgan Stanley boosted its stake in Fitbit by 76.4% in the third quarter. Morgan Stanley now owns 3,801,352 shares of the scientific and technical instruments company’s stock valued at $56,411,000 after buying an additional 1,646,344 shares during the last quarter. Institutional investors own 65.31% of the company’s stock.

The stock’s market cap is $1.26 billion. The stock has a 50 day moving average of $5.77 and a 200-day moving average of $6.83.

Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported ($0.15) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.10. Fitbit had a net margin of 4.67% and a return on equity of 11.94%. The business had revenue of $298.94 million during the quarter, compared to analyst estimates of $277.48 million. On average, equities analysts anticipate that Fitbit Inc will post ($0.35) earnings per share for the current year.

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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.

12 Month Chart for NYSE:FIT

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