Fitbit (FIT) Coverage Dropped by Analysts at Morgan Stanley

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Morgan Stanley dropped coverage on shares of Fitbit (NYSE:FIT) in a research report sent to investors on Thursday.

A number of other research analysts also recently weighed in on FIT. Stifel Nicolaus lifted their price target on Fitbit from $5.50 to $6.00 and gave the company a hold rating in a report on Thursday, August 2nd. Zacks Investment Research downgraded Fitbit from a hold rating to a sell rating in a report on Monday, August 6th. Cascend Securities started coverage on Fitbit in a report on Thursday, May 17th. They set a hold rating on the stock. ValuEngine upgraded Fitbit from a hold rating to a buy rating in a report on Monday, August 20th. Finally, Wedbush set a $6.00 price target on Fitbit and gave the company a hold rating in a report on Saturday, June 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $6.12.

Shares of NYSE FIT opened at $5.51 on Thursday. The firm has a market capitalization of $1.18 billion, a P/E ratio of -8.48 and a beta of 1.76. Fitbit has a 52-week low of $4.51 and a 52-week high of $7.79.

Fitbit (NYSE:FIT) last issued its earnings results on Wednesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.02. The business had revenue of $299.34 million for the quarter, compared to analysts’ expectations of $285.40 million. Fitbit had a negative return on equity of 25.74% and a negative net margin of 23.70%. The company’s quarterly revenue was down 15.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.08) EPS. analysts anticipate that Fitbit will post -0.7 earnings per share for the current fiscal year.

In other news, EVP Andy Missan sold 5,000 shares of Fitbit stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $6.48, for a total transaction of $32,400.00. Following the transaction, the executive vice president now owns 164,759 shares in the company, valued at $1,067,638.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven Joseph Murray sold 1,000,000 shares of Fitbit stock in a transaction on Monday, August 27th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the sale, the director now directly owns 42,332 shares of the company’s stock, valued at approximately $263,305.04. The disclosure for this sale can be found here. Insiders have sold 1,027,500 shares of company stock worth $6,380,550 in the last quarter. 19.84% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FIT. BlackRock Inc. boosted its position in Fitbit by 23.4% during the first quarter. BlackRock Inc. now owns 15,875,489 shares of the scientific and technical instruments company’s stock valued at $80,964,000 after purchasing an additional 3,013,819 shares during the last quarter. Bellevue Group AG acquired a new stake in Fitbit during the first quarter valued at $11,707,000. Dimensional Fund Advisors LP boosted its position in Fitbit by 166.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,661,187 shares of the scientific and technical instruments company’s stock valued at $17,378,000 after purchasing an additional 1,662,496 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in Fitbit by 378.4% during the second quarter. Canada Pension Plan Investment Board now owns 2,098,810 shares of the scientific and technical instruments company’s stock valued at $13,705,000 after purchasing an additional 1,660,100 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Fitbit by 12.6% during the second quarter. Renaissance Technologies LLC now owns 8,156,285 shares of the scientific and technical instruments company’s stock valued at $53,261,000 after purchasing an additional 909,585 shares during the last quarter. 61.58% of the stock is owned by hedge funds and other institutional investors.

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 Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic 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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