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Fitbit (NYSE:FIT) Valuation According To Analysts

03 October 2017

SunTrust Banks, Inc. reiterated a "hold" rating and issued a $7.00 price objective on shares of Fitbit in a research note on Wednesday, February 22nd. Morgan Stanley downgraded Fitbit Inc (NYSE:FIT) rating on Thursday, November 3. The mean target price as estimated by the analysts for the company has been recorded at $6.71. Raymond James upgraded the stock to "Outperform" rating in Thursday, January 21 report. The stock has "Hold" rating by Stifel Nicolaus on Friday, May 5.

The company's stock is now moving with a +ve distance from the 200 day SMA of approximately 16.06%, and has a solid year to date (YTD) performance of -4.92% which means that the stock is constantly adding to its value from the previous fiscal year end price.

Shares of Fitbit (NYSE:FIT) opened at 6.96 on Wednesday. A total of 6.06 Million shares exchanged hands during the intra-day trade compared with its average trading volume of 6.84 Million shares, while its relative volume stands at 0.88. Fitbit Inc has a 52 week low of $5.31 and a 52 week high of $18.85. The firm's market cap is $1.62 billion. Major moves in volume can signal unusual activity, such as insider trading. Stock traders acquired 13,037 call options on the stock. When looking at the past five sessions, the stock returned 9.86% gains and is up by 15.14% compared with its 200-day moving average of $6.49.

Fitbit (NYSE:FIT) previously released its periodic earnings reports on early Wed, Aug 2nd. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.07. The high and low revenue estimates for the current quarter are $397.66 Million and $388.9 Million, respectively.

While having a peek at profitability ratios Fitbit Inc (NYSE:FIT) has trailing twelve month gross margin at 36.7%, its trailing twelve month operating margin stands at -17.1% whereas its trailing twelve month net profit margin spots at -13.8%. The company reported revenue of $618.66 Million in the same period a year ago. After a recent check, it is observed that the insiders for the firm now own 0.10% shares.

Investors wait Fitbit Inc (NYSE:FIT) to report on November, 1. its quarterly earnings Wall Street analysts expect $-0.09 earnings per share, down $0.22 or 169.23 % from last year's $0.13 same quarter earnings. Hilliard Lyons downgraded the shares of VZ in report on Wednesday, July 27 to "Neutral" rating. If you are accessing this piece of content on another publication, it was copied illegally and republished in violation of U.S. and global trademark and copyright laws. The original version of this story can be viewed at https://weekherald.com/2017/10/01/fitbit-inc-fit-downgraded-by-zacks-investment-research.html.

In related news, Director Jon Callaghan sold 15,000 shares of the stock in a transaction dated Monday, July 3rd. Also, EVP Timothy M. Roberts sold 369,385 shares of the company's stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $5.31, for a total value of $79,650.00. Following the transaction, the executive vice president now owns 110,133 shares in the company, valued at $770,931. The disclosure for this sale can be found here. Insiders have sold 580,000 shares of company stock valued at $3,342,450 over the last three months.

Several institutional investors have recently made changes to their positions in FIT. Janus Capital Management LLC purchased a new stake in Fitbit during the fourth quarter valued at approximately $104,000. California State Teachers Retirement System raised its holdings in Fitbit by 23.1% during the second quarter. The Manufacturers Life Insurance Company raised its holdings in Fitbit by 2,045.1% during the second quarter. This showed a surprise of 46.7% in the last quarter earnings. First Trust Advisors LP now owns 875,399 shares of the scientific and technical instruments company's stock valued at $5,182,000 after acquiring an additional 590,343 shares during the last quarter. Amalgamated Bank increased its holdings in Fitbit by 20.1% in the 2nd quarter. Royal Bank of Canada now owns 303,155 shares of the scientific and technical instruments company's stock worth $1,610,000 after purchasing an additional 176,267 shares in the last quarter. The Business'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.