Fitbit (NYSE:FIT) Reaches New 12-Month Low at $3.11

Fitbit Inc (NYSE:FIT)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $3.11 and last traded at $3.14, with a volume of 157426 shares. The stock had previously closed at $3.20.

FIT has been the topic of several recent research reports. Zacks Investment Research upgraded 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. Wedbush reduced their price target on Fitbit from $5.00 to $4.00 and set a “neutral” rating on the stock in a research report on Thursday, August 1st. Citigroup reduced their target price on Fitbit from $5.00 to $2.00 in a report on Thursday, August 1st. Finally, ValuEngine upgraded Fitbit from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $5.32.

The business has a fifty day moving average price of $4.28. The company has a quick ratio of 1.57, a current ratio of 1.87 and a debt-to-equity ratio of 0.15. The firm has a market cap of $722.68 million, a PE ratio of -5.18 and a beta of 1.48.

Fitbit (NYSE:FIT) last released its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported ($0.22) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.03. Fitbit had a negative return on equity of 15.25% and a negative net margin of 8.69%. The firm had revenue of $313.56 million for the quarter, compared to the consensus estimate of $311.59 million. During the same quarter last year, the business posted ($0.22) EPS. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, research analysts expect that Fitbit Inc will post -0.58 earnings per share for the current year.

In other Fitbit news, EVP Andy Missan sold 7,500 shares of Fitbit stock in a transaction dated Friday, May 10th. The stock was 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 of the company’s stock, valued at approximately $583,400.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 15,094 shares of company stock worth $72,897 in the last three months. Company insiders own 18.60% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. Swiss National Bank increased its position in shares of Fitbit by 7.5% in the second quarter. Swiss National Bank now owns 404,200 shares of the scientific and technical instruments company’s stock valued at $1,778,000 after acquiring an additional 28,100 shares during the last quarter. Stevens Capital Management LP bought a new stake in shares of Fitbit during the second quarter worth approximately $66,000. Advisor Group Inc. boosted its stake in shares of Fitbit by 53.3% in the second quarter. Advisor Group Inc. now owns 20,453 shares of the scientific and technical instruments company’s stock valued at $89,000 after buying an additional 7,107 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of Fitbit by 85.2% in the second quarter. BNP Paribas Arbitrage SA now owns 110,435 shares of the scientific and technical instruments company’s stock valued at $486,000 after buying an additional 50,790 shares during the period. Finally, Strs Ohio boosted its position in shares of 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 purchasing an additional 11,300 shares in the last quarter. 69.54% of the stock is currently owned by institutional investors and hedge funds.

About Fitbit (NYSE:FIT)

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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