Wedbush Cuts Fitbit (NYSE:FIT) Price Target to $4.00

Fitbit (NYSE:FIT) had its price target reduced by equities researchers at Wedbush from $5.00 to $4.00 in a research report issued on Thursday, BenzingaRatingsTable reports. The firm currently has a “neutral” rating on the scientific and technical instruments company’s stock. Wedbush’s price target suggests a potential upside of 21.58% from the stock’s previous close.

FIT has been the subject of several other research reports. ValuEngine downgraded shares of Fitbit from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $5.75 target price for the company in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $5.32.

Fitbit stock traded down $0.02 during trading on Thursday, hitting $3.29. The company had a trading volume of 10,806,771 shares, compared to its average volume of 3,409,896. Fitbit has a 1-year low of $3.20 and a 1-year high of $6.96. 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 company has a 50 day simple moving average of $4.36. The stock has a market cap of $939.69 million, a PE ratio of -5.48 and a beta of 1.48.

Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported ($0.22) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.03. Fitbit had a negative net margin of 8.69% and a negative return on equity of 15.25%. The firm had revenue of $313.56 million during the quarter, compared to the consensus estimate of $311.59 million. During the same quarter last year, the firm earned ($0.22) EPS. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, equities analysts anticipate that Fitbit will post -0.41 earnings per share for the current year.

In other Fitbit news, EVP Andy Missan sold 7,500 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 116,914 shares in the company, valued at $583,400.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 15,094 shares of company stock valued at $72,897. Insiders own 18.60% of the company’s stock.

Several large investors have recently bought and sold shares of FIT. Advisory Services Network LLC grew its stake in shares of Fitbit by 291.2% in the first quarter. Advisory Services Network LLC now owns 5,125 shares of the scientific and technical instruments company’s stock worth $30,000 after acquiring an additional 3,815 shares in the last quarter. Macquarie Group Ltd. acquired a new position in shares of Fitbit in the fourth quarter worth $33,000. Public Employees Retirement System of Ohio grew its stake in shares of Fitbit by 49.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 8,869 shares of the scientific and technical instruments company’s stock worth $44,000 after acquiring an additional 2,950 shares in the last quarter. Marshall Wace North America L.P. acquired a new position in shares of Fitbit in the first quarter worth $62,000. Finally, Stevens Capital Management LP acquired a new position in shares of Fitbit in the second quarter worth $66,000. Institutional investors and hedge funds own 69.56% of the company’s stock.

Fitbit Company Profile

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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