Analysts Expect Fitbit Inc (FIT) Will Announce Earnings of $0.07 Per Share

Analysts forecast that Fitbit Inc (NYSE:FIT) will announce $0.07 earnings per share for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for Fitbit’s earnings. The highest EPS estimate is $0.08 and the lowest is $0.04. Fitbit posted earnings of ($0.02) per share in the same quarter last year, which would indicate a positive year over year growth rate of 450%. The firm is scheduled to announce its next earnings report on Monday, February 25th.

On average, analysts expect that Fitbit will report full year earnings of ($0.29) per share for the current year, with EPS estimates ranging from ($0.32) to ($0.26). For the next year, analysts forecast that the business will post earnings of ($0.16) per share, with EPS estimates ranging from ($0.24) to ($0.03). Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that cover Fitbit.

Fitbit (NYSE:FIT) last announced its quarterly earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.05. Fitbit had a negative return on equity of 24.69% and a negative net margin of 16.32%. The business had revenue of $393.60 million for the quarter, compared to analyst estimates of $381.25 million. During the same quarter in the prior year, the company posted ($0.01) EPS. The company’s quarterly revenue was up .3% on a year-over-year basis.

FIT has been the topic of several recent analyst reports. Morgan Stanley dropped coverage on Fitbit in a research note on Thursday, September 13th. Zacks Investment Research lowered Fitbit from a “hold” rating to a “sell” rating in a research note on Monday, August 6th. ValuEngine lowered Fitbit from a “buy” rating to a “hold” rating in a research note on Saturday, September 1st. MED raised Fitbit from a “neutral” rating to an “outperform” rating and set a $6.50 price target on the stock in a research note on Friday, October 12th. Finally, Wedbush raised Fitbit from a “neutral” rating to an “outperform” rating and set a $7.00 price target on the stock in a research note on Friday, October 12th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. Fitbit currently has an average rating of “Hold” and a consensus price target of $5.90.

In related news, Director Steven Joseph Murray sold 1,000,000 shares of the business’s stock in a transaction on Monday, August 27th. The stock was sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the director now owns 42,332 shares in the company, valued at approximately $263,305.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Andy Missan sold 7,500 shares of the business’s stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $4.76, for a total value of $35,700.00. Following the completion of the sale, the executive vice president now owns 176,739 shares in the company, valued at approximately $841,277.64. The disclosure for this sale can be found here. Insiders sold a total of 2,022,500 shares of company stock worth $12,533,525 in the last quarter. Company insiders own 19.84% of the company’s stock.

Several hedge funds have recently bought and sold shares of FIT. Xact Kapitalforvaltning AB increased its holdings in Fitbit by 30.3% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 32,678 shares of the scientific and technical instruments company’s stock worth $213,000 after purchasing an additional 7,600 shares during the period. Private Advisor Group LLC increased its holdings in Fitbit by 60.4% during the 3rd quarter. Private Advisor Group LLC now owns 25,392 shares of the scientific and technical instruments company’s stock worth $136,000 after purchasing an additional 9,562 shares during the period. Commerzbank Aktiengesellschaft FI increased its holdings in Fitbit by 2.8% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 358,767 shares of the scientific and technical instruments company’s stock worth $2,343,000 after purchasing an additional 9,778 shares during the period. MetLife Investment Advisors LLC increased its holdings in Fitbit by 14.5% during the 2nd quarter. MetLife Investment Advisors LLC now owns 95,538 shares of the scientific and technical instruments company’s stock worth $624,000 after purchasing an additional 12,109 shares during the period. Finally, Russell Investments Group Ltd. increased its holdings in Fitbit by 11.7% during the 1st quarter. Russell Investments Group Ltd. now owns 118,894 shares of the scientific and technical instruments company’s stock worth $606,000 after purchasing an additional 12,500 shares during the period. Hedge funds and other institutional investors own 61.21% of the company’s stock.

Shares of Fitbit stock traded up $0.05 during trading hours on Friday, hitting $5.66. The company’s stock had a trading volume of 4,779,483 shares, compared to its average volume of 6,249,214. Fitbit has a twelve month low of $4.23 and a twelve month high of $7.79. The firm has a market cap of $1.25 billion, a PE ratio of -8.71 and a beta of 1.65.

Fitbit Company Profile

Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic 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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