Fitbit, Inc. (NYSE:FIT) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Fitbit, Inc. (NYSE:FIT) from a buy rating to a hold rating in a research note released on Tuesday, October 17th.

According to Zacks, “Fitbit is a manufacturer of wearable fitness tracking devices. Year to date, the stock has underperformed the industry it belongs to. 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. Management has taken some recovery initiatives that include executive shakeup and cost structuring. Moreover, new features and services, increased brand awareness, expanded global distribution and presence in the corporate wellness market will continue to be the growth drivers in our view.”

Other equities research analysts also recently issued reports about the stock. Vetr downgraded shares of Fitbit from a strong-buy rating to a buy rating and set a $5.84 target price for the company. in a research report on Monday, June 26th. Benchmark Co. restated a buy rating on shares of Fitbit in a report on Thursday, August 3rd. Morgan Stanley dropped their target price on shares of Fitbit from $7.00 to $6.50 and set an equal weight rating on the stock in a research note on Monday, July 31st. Stifel Nicolaus reiterated a hold rating and issued a $6.00 target price (down from $7.00) on shares of Fitbit in a research note on Friday, June 23rd. Finally, Cowen and Company set a $6.00 target price on shares of Fitbit and gave the company a hold rating in a research note on Thursday, August 3rd. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. Fitbit currently has a consensus rating of Hold and a consensus target price of $7.30.

Shares of Fitbit (FIT) traded up $0.04 during trading on Tuesday, reaching $6.06. 3,458,048 shares of the company’s stock were exchanged, compared to its average volume of 5,540,000. Fitbit has a 1 year low of $4.90 and a 1 year high of $9.75.

Fitbit (NYSE:FIT) last announced its earnings results on Wednesday, November 1st. The scientific and technical instruments company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. Fitbit had a negative net margin of 23.35% and a negative return on equity of 27.36%. The business had revenue of $392.50 million during the quarter, compared to the consensus estimate of $391.70 million. During the same quarter last year, the firm earned $0.19 earnings per share. Fitbit’s quarterly revenue was down 22.1% on a year-over-year basis. equities research analysts expect that Fitbit will post -0.52 EPS for the current fiscal year.

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In related news, Director Jon Callaghan sold 15,000 shares of the business’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $5.90, for a total value of $88,500.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Andy Missan sold 5,000 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $5.91, for a total transaction of $29,550.00. Following the completion of the sale, the executive vice president now owns 71,419 shares in the company, valued at approximately $422,086.29. The disclosure for this sale can be found here. In the last three months, insiders sold 85,000 shares of company stock worth $556,650. 29.10% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. bought a new position in Fitbit during the second quarter valued at $114,000. Amalgamated Bank increased its position in Fitbit by 20.1% during 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 during the last quarter. Fortaleza Asset Management Inc. bought a new position in Fitbit during the third quarter valued at $154,000. Kissinger Financial Services LLC bought a new position in Fitbit during the second quarter valued at $153,000. Finally, Capital Fund Management S.A. purchased a new stake in shares of Fitbit during the second quarter valued at $157,000. Institutional investors and hedge funds own 56.23% of the company’s stock.

Fitbit Company Profile

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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Analyst Recommendations for Fitbit (NYSE:FIT)

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