A Look Into Insider Activity With Fitbit, Inc. (FIT)

As traders, we are more interested to take part in strong moves and don’t join moves that show weakness – or we may even watch for an entry in the opposite direction of a weak move.

From another technical standpoint, Fitbit, Inc. The shares price has positioned 11.65% up over the past quarter while it has directed -4.35% toward a falling position throughout past six months. Legal & General Group Plc raised its stake in Fitbit by 140.9% in the first quarter. For the quarter, shares have been noted at 11.65%. Global X Management Co. Renaissance Technologies LLC raised its stake in Fitbit by 193.6% in the second quarter. These shares are worth $99,999 and were traded at $5.48 each. State Street Corp raised its stake in Fitbit by 68.0% in the second quarter. Insiders own 29.10% of the company’s stock.

Shares of Fitbit (NYSE FIT) opened at 5.94 on Monday. (NYSE FIT) traded up 0.34% during midday trading on Tuesday, reaching $5.96. The stock’s 50-day moving average is $5.51 and its 200-day moving average is $5.62. Fitbit has a one year low of $4.90 and a one year high of $17.18.

Fitbit (NYSE:FIT) last posted its quarterly earnings data on Wednesday, August 2nd. The current consensus recommendation provided by covering analysts is 2.30. For the current year the company’s revenue estimates are $1.62 Billion compared to low analyst estimates of $1.55 Billion and high estimates of $1.69 Billion according to 16 number of analysts. Fitbit had a negative net margin of 13.79% and a negative return on equity of 20.67%. Fitbit’s revenue was down 39.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.12 EPS. Previously Fitbit Inc (NYSE:FIT) reported $-0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $-0.15 by $0.07 with surprise factor of 46.7%.

TRADEMARK VIOLATION WARNING: “Fitbit, Inc”. If you are reading this article on another website, it was stolen and reposted in violation of US and worldwide copyright & trademark legislation.

Several research firms have issued reports on FIT. Zacks Investment Research upgraded Fitbit from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a research note on Tuesday. From the opening price, the stock has seen a change of 0.84% recently clocking in with a price of $6.00. The third largest holder is Blackrock Inc., which now holds $58.99 million worth of this stock and that ownership represents almost 4.31% of its market capitalization. 1 is equivalent to a buy rating, 3 a hold rating, and 5 a sell rating. Stifel Nicolaus reaffirmed a “hold” rating and set a $7.00 price target on shares of Fitbit in a research report on Thursday, May 4th.

In terms of Buy, Sell or Hold recommendations, Fitbit Inc (NYSE:FIT) has analysts’ mean recommendation of 2.9. Oppenheimer Holdings, Inc.’s target price suggests a potential upside of 34.68% from the company’s current price. Of those transactions, there were 30.62 million shares of FIT bought and 30.43 million shares sold. Considering that the stock daily volume of 13.49 million shares, this represents a pretty noteworthy trading in volume size. Following the transaction, the director now directly owns 36,442 shares of the company’s stock, valued at $196,422.38. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. There were 51 sold out positions, amounting to 6.31 million shares.

In the transaction dated August 01, 2017, the great number of shares disposed came courtesy the Director; Callaghan Jon disposed a total of 15,000 shares at an average price of $5.09, amounting to approximately $76,350. Following the transaction, the executive vice president now owns 62,702 shares of the company’s stock, valued at approximately $349,250.14. The disclosure for this sale can be found here. As the company introduces a host of new wireless devices and a premium fitness coaching service, management is preparing to launch the company into “the next stage of growth within wearables and connected health”.

Leave a Reply

Your email address will not be published. Required fields are marked *