Fitbit (FIT) Now Covered by Roth Capital

Equities researchers at Roth Capital started coverage on shares of Fitbit (NYSE:FIT) in a research note issued on Friday. The brokerage set a “buy” rating and a $10.00 price target on the scientific and technical instruments company’s stock. Roth Capital’s target price would suggest a potential upside of 67.22% from the company’s previous close.

Other analysts also recently issued reports about the company. Morgan Stanley decreased their price target on Fitbit from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Friday. Vetr downgraded Fitbit from a “hold” rating to a “sell” rating and set a $6.67 price target on the stock. in a research note on Thursday, September 28th. Zacks Investment Research downgraded Fitbit from a “buy” rating to a “hold” rating in a research report on Wednesday, September 13th. Cleveland Research reiterated a “hold” rating on shares of Fitbit in a research report on Thursday, December 21st. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $6.00 target price on shares of Fitbit in a research report on Thursday, September 14th. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the stock. Fitbit has an average rating of “Hold” and an average price target of $7.05.

Shares of Fitbit (NYSE:FIT) opened at $5.98 on Friday. Fitbit has a 12 month low of $4.90 and a 12 month high of $8.23. The firm has a market capitalization of $1,420.00 and a P/E ratio of -3.62.

Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.03. Fitbit had a negative return on equity of 28.33% and a negative net margin of 23.35%. The firm had revenue of $392.50 million for the quarter, compared to the consensus estimate of $391.70 million. During the same period in the previous year, the business earned $0.19 earnings per share. The company’s revenue for the quarter was down 22.1% compared to the same quarter last year. analysts forecast that Fitbit will post -0.49 EPS for the current fiscal year.

In other news, EVP Andy Missan sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $6.29, for a total value of $31,450.00. Following the sale, the executive vice president now directly owns 109,475 shares in the company, valued at $688,597.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jon Callaghan sold 15,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $6.29, for a total value of $94,350.00. The disclosure for this sale can be found here. Insiders sold 1,026,841 shares of company stock worth $6,268,204 over the last 90 days. Company insiders own 29.10% of the company’s stock.

Several large investors have recently modified their holdings of the company. HighTower Advisors LLC lifted its position in shares of Fitbit by 5.6% in the second quarter. HighTower Advisors LLC now owns 32,831 shares of the scientific and technical instruments company’s stock valued at $174,000 after acquiring an additional 1,735 shares in the last quarter. Amalgamated Bank lifted its position in shares of Fitbit by 20.1% in the second quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company’s stock valued at $117,000 after acquiring an additional 3,698 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of Fitbit by 11.6% in the second quarter. Oppenheimer & Co. Inc. now owns 40,063 shares of the scientific and technical instruments company’s stock valued at $213,000 after acquiring an additional 4,150 shares in the last quarter. American International Group Inc. increased its stake in Fitbit by 8.1% in the third quarter. American International Group Inc. now owns 117,140 shares of the scientific and technical instruments company’s stock valued at $815,000 after purchasing an additional 8,758 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in Fitbit by 35.9% in the second quarter. Ameriprise Financial Inc. now owns 35,837 shares of the scientific and technical instruments company’s stock valued at $186,000 after purchasing an additional 9,461 shares during the last quarter. Institutional investors and hedge funds own 58.25% of the company’s stock.

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About Fitbit

Fitbit, Inc is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts.

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