Fitbit (NYSE:FIT) Trading 3.4% Higher

Shares of Fitbit Inc (NYSE:FIT) traded up 3.4% on Tuesday . The company traded as high as $4.21 and last traded at $4.31, 317,815 shares were traded during mid-day trading. A decline of 94% from the average session volume of 5,650,675 shares. The stock had previously closed at $4.17.

A number of research analysts recently weighed in on the stock. ValuEngine raised shares of Fitbit from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. DA Davidson set a $5.80 target price on shares of Fitbit and gave the company a “buy” rating in a report on Tuesday, September 24th. Citigroup cut their target price on shares of Fitbit from $5.00 to $2.00 in a report on Thursday, August 1st. William Blair reissued a “hold” rating on shares of Fitbit in a report on Thursday, August 29th. Finally, Wedbush cut their target price on shares of Fitbit from $5.00 to $4.00 and set a “neutral” rating for the company in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Fitbit presently has an average rating of “Hold” and an average target price of $4.93.

The company has a quick ratio of 1.58, a current ratio of 1.87 and a debt-to-equity ratio of 0.12. The firm’s 50 day simple moving average is $3.72 and its 200 day simple moving average is $4.28. The company has a market capitalization of $997.21 million, a PE ratio of -7.30 and a beta of 1.59.

Fitbit (NYSE:FIT) last posted its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.25) by $0.03. The company had revenue of $313.56 million during the quarter, compared to analyst estimates of $311.59 million. Fitbit had a negative net margin of 8.69% and a negative return on equity of 15.67%. Fitbit’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.22) earnings per share. As a group, sell-side analysts predict that Fitbit Inc will post -0.59 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of FIT. Vanguard Group Inc. lifted its position in shares of Fitbit by 7.4% during the second quarter. Vanguard Group Inc. now owns 26,441,008 shares of the scientific and technical instruments company’s stock worth $116,340,000 after purchasing an additional 1,814,654 shares during the last quarter. DNB Asset Management AS lifted its position in shares of Fitbit by 15.1% during the third quarter. DNB Asset Management AS now owns 25,537,728 shares of the scientific and technical instruments company’s stock worth $97,299,000 after purchasing an additional 3,342,738 shares during the last quarter. BlackRock Inc. lifted its position in shares of Fitbit by 35.2% during the second quarter. BlackRock Inc. now owns 22,139,515 shares of the scientific and technical instruments company’s stock worth $97,414,000 after purchasing an additional 5,763,694 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Fitbit by 17.3% during the second quarter. Renaissance Technologies LLC now owns 7,607,110 shares of the scientific and technical instruments company’s stock worth $33,471,000 after purchasing an additional 1,122,710 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Fitbit by 1.9% during the second quarter. Northern Trust Corp now owns 2,628,466 shares of the scientific and technical instruments company’s stock worth $11,566,000 after purchasing an additional 48,996 shares during the last quarter. 55.30% of the stock is owned by institutional investors.

About Fitbit (NYSE:FIT)

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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