Fitbit Inc (NYSE:FIT) Receives Consensus Recommendation of “Hold” from Brokerages

Fitbit Inc (NYSE:FIT) has been given an average rating of “Hold” by the nine research firms that are currently covering the firm, MarketBeat.com reports. Eight research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $6.61.

Several equities research analysts have issued reports on FIT shares. Wedbush reaffirmed a “hold” rating and set a $4.00 price target on shares of Fitbit in a research note on Tuesday, October 29th. Citigroup raised shares of Fitbit from a “sell” rating to a “hold” rating and raised their price target for the stock from $2.00 to $7.30 in a research note on Friday, November 1st. Roth Capital cut shares of Fitbit from a “buy” rating to a “neutral” rating and set a $7.30 price target on the stock. in a research note on Friday, November 1st. William Blair reaffirmed a “hold” rating on shares of Fitbit in a research note on Thursday, August 29th. Finally, DA Davidson cut shares of Fitbit from a “buy” rating to a “neutral” rating and raised their price target for the stock from $5.75 to $7.35 in a research note on Monday, November 4th.

Shares of Fitbit stock traded up $0.01 during mid-day trading on Wednesday, hitting $6.87. 10,336,729 shares of the stock were exchanged, compared to its average volume of 7,699,236. Fitbit has a twelve month low of $2.81 and a twelve month high of $7.26. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of -11.45 and a beta of 1.75. The company has a 50-day simple moving average of $6.03 and a 200 day simple moving average of $4.50. The company has a current ratio of 1.65, a quick ratio of 1.29 and a debt-to-equity ratio of 0.12.

Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, November 6th. The scientific and technical instruments company reported ($0.10) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.10). Fitbit had a negative net margin of 12.27% and a negative return on equity of 21.76%. The company had revenue of $347.20 million for the quarter, compared to analysts’ expectations of $346.33 million. Equities research analysts forecast that Fitbit will post -0.6 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in 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 valued at $116,340,000 after buying an additional 1,814,654 shares in the last quarter. DNB Asset Management AS lifted its position in 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 valued at $97,299,000 after buying an additional 3,342,738 shares in the last quarter. BlackRock Inc. lifted its position in 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 valued at $97,414,000 after buying an additional 5,763,694 shares in the last quarter. Renaissance Technologies LLC lifted its position in 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 valued at $33,471,000 after buying an additional 1,122,710 shares in the last quarter. Finally, State Street Corp lifted its position in Fitbit by 3.5% during the third quarter. State Street Corp now owns 4,594,751 shares of the scientific and technical instruments company’s stock valued at $17,506,000 after buying an additional 154,671 shares in the last quarter. 63.82% of the stock is currently owned by institutional investors and hedge funds.

About Fitbit

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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Analyst Recommendations for Fitbit (NYSE:FIT)

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