Fitbit (NYSE:FIT) Price Target Cut to $2.00 by Analysts at Citigroup

Fitbit (NYSE:FIT) had its price objective reduced by Citigroup from $5.00 to $2.00 in a research report released on Thursday morning, The Fly reports.

Other equities research analysts have also recently issued reports about the stock. Wedbush cut their price objective on shares of Fitbit from $5.00 to $4.00 and set a neutral rating on the stock in a research note on Thursday. Zacks Investment Research upgraded shares of Fitbit from a hold rating to a buy rating and set a $5.75 price target on the stock in a research report on Wednesday, May 8th. Finally, ValuEngine cut shares of Fitbit from a hold rating to a sell rating in a research report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $5.32.

Shares of NYSE FIT traded down $0.02 during midday trading on Thursday, reaching $3.29. 10,806,771 shares of the company traded hands, compared to its average volume of 3,409,896. Fitbit has a 52 week low of $3.20 and a 52 week high of $6.96. The stock’s 50-day moving average is $4.36. The company has a current ratio of 1.87, a quick ratio of 1.57 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $939.69 million, a P/E ratio of -5.48 and a beta of 1.48.

Fitbit (NYSE:FIT) last issued its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.03. Fitbit had a negative net margin of 8.69% and a negative return on equity of 15.25%. The business had revenue of $313.56 million for the quarter, compared to analysts’ expectations of $311.59 million. During the same period in the previous year, the business earned ($0.22) earnings per share. The company’s revenue was up 4.8% on a year-over-year basis. As a group, equities analysts anticipate that Fitbit will post -0.41 earnings per share for the current fiscal year.

In other Fitbit news, EVP Andy Missan sold 7,500 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $4.99, for a total value of $37,425.00. Following the sale, the executive vice president now directly owns 116,914 shares in the company, valued at $583,400.86. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 15,094 shares of company stock worth $72,897. 18.60% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of the business. Advisory Services Network LLC increased its stake in Fitbit by 291.2% in the 1st quarter. Advisory Services Network LLC now owns 5,125 shares of the scientific and technical instruments company’s stock worth $30,000 after purchasing an additional 3,815 shares in the last quarter. Macquarie Group Ltd. purchased a new position in Fitbit in the 4th quarter worth about $33,000. Public Employees Retirement System of Ohio increased its stake in Fitbit by 49.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 8,869 shares of the scientific and technical instruments company’s stock worth $44,000 after purchasing an additional 2,950 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in Fitbit in the 1st quarter worth about $62,000. Finally, Stevens Capital Management LP purchased a new position in Fitbit in the 2nd quarter worth about $66,000. Hedge funds and other institutional investors own 69.56% of the company’s stock.

About Fitbit

Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Charge 3, Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Ace, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic and Fitbit Versa smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.

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