Fitbit, Inc. (NYSE:FIT) Lowered to “Hold” at Zacks Investment Research

Shares of fitness wearables company Fitbit (NYSE:FIT) surged on Thursday following the announcement of a partnership with medical-device maker DexCom (NASDAQ:DXCM) related to glucose monitoring. Vanguard Group Inc. now owns 12,808,192 shares of the scientific and technical instruments company’s stock valued at $68,012,000 after acquiring an additional 1,567,672 shares in the last quarter. Baird’s price target would suggest a potential upside of 1.87% from the stock’s current price.

FIT has been the subject of a number of research reports. Of those insider trades, 4.77 million shares of Fitbit, Inc. were purchased and 5.01 million shares were sold. Fitbit had 77 analyst reports since August 6, 2015 according to SRatingsIntel.

August 3 investment analysts at Deutsche Bank left the company rating at “Hold” and lowered the price target to $5.50 from $9.00. Dougherty & Co reiterated a neutral rating on shares of Fitbit in a research note on Monday, May 8th. Six equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $7.96.

By having an overview of the Income statement for Fitbit Inc (NYSE:FIT) the Revenue for the trailing twelve months is 1.73 Billion.

The stock is trading at $6.51 which is quite a bit above $5.60, the stock’s 50 day moving average and significantly above the 200 day moving average of $5.62. “The strength of our brand and our ability to track critical health metrics continuously for up to 4+ days, coupled with Dexcom’s market leadership in CGM, present a powerful combination that we hope will help millions of people better manage their diabetes”, said Fitbit CEO James Park.

Fitbit (NYSE:FIT) last released its earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.15) by $0.07. Fitbit had a negative return on equity of 20.67% and a negative net margin of 13.79%. Next quarter’s EPS is estimated at $-0.03 and the next full year EPS is projected to be $-0.18. Fitbit’s revenue for the quarter was down 39.8% compared to the same quarter past year. The stock had a fall in short interest of -9.65% between July 31, 2017 and August 15, 2017. The shares were sold at an average price of $5.91, for a total transaction of $29,550.00. Following the sale, the director now directly owns 11,442 shares in the company, valued at approximately $65,562.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

On Friday, August 4th, Andy Missan sold 5,000 shares of Fitbit stock. The stock was sold at an average price of $5.68, for a total value of $28,400.00. The disclosure for this sale can be found here.

Several institutional investors and hedge funds have recently made changes to their positions in FIT. AlpInvest Partners B.V. raised its stake in shares of Fitbit by 220.6% during the 1st quarter. Quantbot Technologies LP increased its position in shares of Fitbit by 36.9% in the 1st quarter. Engineers Gate Manager Lp controls 74,955 shares valued at $398,000. Stoneridge Investment Partners LLC now owns 154,869 shares of the scientific and technical instruments company’s stock valued at $917,000 after acquiring an additional 135,968 shares during the period. Summit Street Capital Management, LLC now holds 490,665 shares with a value of $2,605,000. Finally, Royal Bank of Canada raised its stake in Fitbit by 138.9% during the 2nd quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Fitbit by 6.0% during the 1st quarter.

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