Fitbit (NYSE:FIT) Given New $2.00 Price Target at Citigroup

Fitbit (NYSE:FIT) had its target price lowered by stock analysts at Citigroup from $5.00 to $2.00 in a research report issued on Thursday, The Fly reports. Citigroup‘s price objective would suggest a potential downside of 39.21% from the company’s previous close.

Several other research firms have also issued reports on FIT. ValuEngine lowered shares of Fitbit from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Wedbush reduced their price target on shares of Fitbit from $5.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $5.75 price target on the stock in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $5.32.

Shares of NYSE FIT traded down $0.02 during trading hours on Thursday, hitting $3.29. 10,806,771 shares of the stock were exchanged, compared to its average volume of 3,409,896. The company has a current ratio of 1.87, a quick ratio of 1.57 and a debt-to-equity ratio of 0.15. The firm has a market cap of $939.69 million, a P/E ratio of -5.48 and a beta of 1.48. The firm has a fifty day moving average of $4.36. Fitbit has a 1-year low of $3.20 and a 1-year high of $6.96.

Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported ($0.22) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.25) by $0.03. The business had revenue of $313.56 million for 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 15.25%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.22) EPS. Equities analysts anticipate that Fitbit will post -0.41 earnings per share for the current fiscal year.

In other Fitbit news, EVP Andy Missan sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $4.99, for a total value of $37,425.00. Following the sale, the executive vice president now owns 116,914 shares in the company, valued at $583,400.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 15,094 shares of company stock worth $72,897 in the last 90 days. Company insiders own 18.60% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Swiss National Bank increased its holdings in Fitbit by 7.5% during the 2nd quarter. Swiss National Bank now owns 404,200 shares of the scientific and technical instruments company’s stock worth $1,778,000 after acquiring an additional 28,100 shares during the period. Stevens Capital Management LP bought a new stake in Fitbit during the 2nd quarter worth approximately $66,000. Advisor Group Inc. increased its holdings in Fitbit by 53.3% during the 2nd quarter. Advisor Group Inc. now owns 20,453 shares of the scientific and technical instruments company’s stock worth $89,000 after acquiring an additional 7,107 shares during the period. BNP Paribas Arbitrage SA increased its holdings in Fitbit by 85.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 110,435 shares of the scientific and technical instruments company’s stock worth $486,000 after acquiring an additional 50,790 shares during the period. Finally, Strs Ohio increased its holdings in Fitbit by 7.5% during the 2nd quarter. Strs Ohio now owns 161,700 shares of the scientific and technical instruments company’s stock worth $711,000 after acquiring an additional 11,300 shares during the period. Hedge funds and other institutional investors own 69.56% of the company’s stock.

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.

Recommended Story: Fibonacci Channel

The Fly

Analyst Recommendations for Fitbit (NYSE:FIT)

Receive News & Ratings for Fitbit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fitbit and related companies with MarketBeat.com's FREE daily email newsletter.