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.
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.
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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