Fitbit Inc (NYSE:FIT) Receives Average Rating of “Hold” from Analysts

Shares of Fitbit Inc (NYSE:FIT) have earned a consensus recommendation of “Hold” from the nine research firms that are covering the company, Marketbeat reports. Eight research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $6.61.

Several equities analysts have recently issued reports on the stock. Citigroup raised shares of Fitbit from a “sell” rating to a “hold” rating and boosted their price target for the company from $2.00 to $7.30 in a report on Friday, November 1st. DA Davidson downgraded shares of Fitbit from a “buy” rating to a “neutral” rating and boosted their price target for the company from $5.75 to $7.35 in a report on Monday, November 4th. Roth Capital downgraded shares of Fitbit from a “buy” rating to a “neutral” rating and set a $7.30 price target for the company. in a report on Friday, November 1st. Wedbush reissued a “hold” rating and set a $4.00 price target on shares of Fitbit in a report on Tuesday, October 29th. Finally, Morgan Stanley raised shares of Fitbit from an “underweight” rating to an “equal weight” rating and set a $7.30 price target for the company in a report on Friday, November 1st.

Shares of FIT traded up $0.01 during midday trading on Wednesday, hitting $6.87. 10,336,729 shares of the stock traded hands, compared to its average volume of 7,699,236. Fitbit has a 1-year low of $2.81 and a 1-year high of $7.26. The firm has a market capitalization of $1.57 billion, a PE ratio of -11.45 and a beta of 1.75. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.29 and a current ratio of 1.65. The business’s 50 day moving average price is $6.03 and its two-hundred day moving average price is $4.50.

Fitbit (NYSE:FIT) last announced its quarterly earnings results on Wednesday, November 6th. The scientific and technical instruments company reported ($0.10) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.10). Fitbit had a negative net margin of 12.27% and a negative return on equity of 21.76%. The company had revenue of $347.20 million during the quarter, compared to the consensus estimate of $346.33 million. As a group, equities research analysts forecast that Fitbit will post -0.6 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of FIT. Marshall Wace North America L.P. acquired a new stake in Fitbit in the first quarter worth about $62,000. CWM Advisors LLC lifted its holdings in Fitbit by 44.1% in the second quarter. CWM Advisors LLC now owns 37,700 shares of the scientific and technical instruments company’s stock worth $166,000 after purchasing an additional 11,540 shares during the period. Strs Ohio lifted its holdings in Fitbit by 7.5% in the second quarter. Strs Ohio now owns 161,700 shares of the scientific and technical instruments company’s stock worth $711,000 after purchasing an additional 11,300 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in Fitbit by 85.2% in the second quarter. BNP Paribas Arbitrage SA now owns 110,435 shares of the scientific and technical instruments company’s stock worth $486,000 after purchasing an additional 50,790 shares during the period. Finally, Advisor Group Inc. lifted its holdings in Fitbit by 53.3% in the second quarter. Advisor Group Inc. now owns 20,453 shares of the scientific and technical instruments company’s stock worth $89,000 after purchasing an additional 7,107 shares during the period. 63.82% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Fitbit (NYSE:FIT)

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