Instead, they should also do their own research-such as reading the prospectus for new companies or for public companies, the quarterly and annual reports filed with the SEC-to confirm whether a particular investment is appropriate for them in light of their individual financial circumstances. The value of the company's investment in Fitbit, Inc. Vetr lowered Fitbit from a "strong-buy" rating to a "buy" rating and set a $6.19 price target for the company.in a research note on Thursday, August 24th. Deutsche Bank AG decreased their target price on shares of Fitbit from $6.50 to $6.00 and set a "hold" rating for the company in a research report on Monday, May 15th. Oppenheimer maintained the shares of FIT in report on Monday, June 26 with "Outperform" rating. Six investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock now has an average rating of "Hold" and an average price target of $7.96.
According to Zacks, "Fitbit Inc.is a manufacturer of wearable fitness tracking devices".
The most recent open market insider trade was Automatic Sell of 15,000 shares on a day where the closing price was 5.9. Fitbit has a 12 month low of $4.90 and a 12 month high of $17.18. In the last earnings report the EPS was $-1.06 and is expected to be $-0.31 for the current year with 232,932,000 shares now outstanding.
Net profit margin of the company is seen at -13.80%. The business had revenue of $353.30 million during the quarter, compared to the consensus estimate of $341.24 million. Analysts expect next quarter's EPS to be $-0.03 and the next full year EPS is anticipated to be $-0.18. The business's revenue for the quarter was down 39.8% on a year-over-year basis.
Fitbit (NYSE:FIT) last posted its earnings results on Wednesday, August 2nd. Also, Director Jon Callaghan sold 15,000 shares of Fitbit stock in a transaction on Tuesday, August 1st. Russell Investments Group Ltd. now owns 104,601 shares of the scientific and technical instruments company's stock valued at $621,000 after acquiring an additional 103,035 shares during the period.
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In other news, EVP Andy Missan sold 5,000 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $5.09, for a total transaction of $76,350.00. The disclosure for this sale can be found here. Insiders own 29.10% of the company's stock.
Among 27 analysts covering Fitbit (NYSE:FIT), 4 have Buy rating, 3 Sell and 20 Hold. AlpInvest Partners B.V. increased its position in shares of Fitbit by 220.6% during the first quarter. Sumitomo Mitsui Asset Management Company LTD acquired a new position in shares of Fitbit in the 1st quarter valued at $24,404,000. Quantbot Technologies LP now owns 93,661 shares of the scientific and technical instruments company's stock valued at $554,000 after buying an additional 25,256 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Fitbit by 6,579.5% during the 1st quarter. Stoneridge Investment Partners LLC now owns 154,869 shares of the scientific and technical instruments company's stock valued at $917,000 after acquiring an additional 135,968 shares during the period. State Street Corp raised its stake in Fitbit by 68.0% during the 2nd quarter. Summit Street Capital Management, LLC now holds 490,665 shares with a value of $2,605,000. Swiss National Bank increased its position in shares of Fitbit by 10.3% in the 1st quarter. (FIT) most recent 13F filing, the company has 37 new institutional holders - accounting for 9.41 million shares of its common stock.
With Fitbit suffering from a steep drop-off in demand for its fitness trackers, the Ionic smartwatch needs to be a success for the company to turn itself around.
Fitbit Inc (NYSE:FIT) now has a trailing P/E of -5.58 while its forward P/E according to Thomson Reuters is -32.83.