Fitbit, Inc. (FIT) Receives Neutral Rating from Wedbush

(NYSE:FIT) from a hold rating to a buy rating in a report issued on Tuesday morning. They now have an equal weight rating on the scientific and technical instruments company's stock.

According to Zacks, "Fitbit Inc.is a manufacturer of wearable fitness tracking devices". DnB Asset Management AS boosted its position in shares of Fitbit by 57.8% in the second quarter. Fitbit's growth has been slowing down with smartwatches outshining the fitness wearable category, influx of new wearables, lack of upgrades among existing users and lackluster growth in the Asia Pacific region.

FIT has been the subject of a number of analyst reports. SunTrust Banks, Inc. reiterated a "buy" rating and set a $7.00 target price on shares of Fitbit in a research report on Friday, April 14th. They issued a "buy" rating and a $10.00 target price for the company. Also, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction on Friday, August 4th. Finally, Stifel Nicolaus reaffirmed a hold rating and set a $7.00 target price on shares of Fitbit in a research note on Thursday, May 4th. Six investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Fitbit has an average rating of Hold and a consensus target price of $7.93. (NYSE FIT) traded down 4.89% during mid-day trading on Thursday, reaching $5.64. In the last three months, insiders have sold 1,045,000 shares of company stock valued at $5,770,100. Fitbit has a 1 year low of $4.90 and a 1 year high of $17.18. the firms market valuation is $1.28 B. the firms 50 day SMA is $5.46 and its 200 day SMA is $5.70. Fitbit, Inc. The stock's market capitalization is $1.30 billion.

Fitbit (NYSE:FIT) last released its quarterly earnings data on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) EPS for the quarter, beating the Thomson Reuters' consensus estimate of ($0.15) by $0.07. Fitbit had a negative net margin of 8.86% and a negative return on equity of 14.57%. The business had revenue of $353.30 million for the quarter, compared to the consensus estimate of $341.24 million. During the same period in the previous year, the business posted $0.12 EPS. Fitbit's quarterly revenue was down 39.8% compared to the same quarter past year. Equities analysts predict that Fitbit, Inc. will post ($0.31) earnings per share for the current year.

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In other Fitbit news, Director Steven Joseph Murray sold 500,000 shares of the firm's stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $5.33, for a total transaction of $2,665,000.00. Following the completion of the sale, the director now owns 11,442 shares in the company, valued at approximately $60,985.86. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jon Callaghan sold 15,000 shares of the firm's stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $5.68, for a total value of $28,400.00. Company insiders own 29.10% of the company's stock. The disclosure for this sale can be found here.

Institutional investors have recently added to or reduced their stakes in the stock. Kissinger Financial Services LLC acquired a new position in shares of Fitbit during the second quarter valued at approximately $153,000. Stoneridge Investment Partners LLC now owns 154,869 shares of the scientific and technical instruments company's stock worth $917,000 after buying an additional 135,968 shares in the last quarter. Allianz Asset Management AG bought a new stake in shares of Fitbit during the fourth quarter worth $146,000. First Trust Advisors LP now owns 875,399 shares of the scientific and technical instruments company's stock valued at $5,182,000 after buying an additional 590,343 shares during the period. Vanguard Group Inc. increased its position in shares of Fitbit by 6.1% in the first quarter. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company's stock valued at $117,000 after buying an additional 3,698 shares during the period. Hamilton Lane Advisors LLC now owns 241,234 shares of the scientific and technical instruments company's stock valued at $1,428,000 after buying an additional 37,961 shares during the last quarter. BNP Paribas Arbitrage SA now owns 386,284 shares of the scientific and technical instruments company's stock worth $2,287,000 after buying an additional 220,700 shares in the last quarter.

Fitbit, Inc is a provider of health and fitness devices.

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