Shares of Fitbit Inc (NYSE:FIT) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $4.93, but opened at $4.73. Fitbit shares last traded at $5.85, with a volume of 31200475 shares.
The scientific and technical instruments company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.05. The firm had revenue of $393.60 million during the quarter, compared to analysts’ expectations of $381.25 million. Fitbit had a negative return on equity of 25.74% and a negative net margin of 23.70%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.01) EPS.
Several equities analysts have commented on FIT shares. ValuEngine raised Fitbit from a “hold” rating to a “buy” rating in a report on Monday, August 20th. Robert W. Baird reaffirmed a “hold” rating and issued a $6.00 price target on shares of Fitbit in a report on Thursday, August 2nd. Wedbush upped their price target on Fitbit from $6.00 to $7.00 and gave the company a “hold” rating in a report on Thursday, August 2nd. Stifel Nicolaus upped 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. Finally, William Blair reaffirmed a “market perform” rating on shares of Fitbit in a report on Friday, September 21st. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $5.83.
Several institutional investors and hedge funds have recently modified their holdings of the company. Point72 Hong Kong Ltd acquired a new stake in Fitbit during the 2nd quarter valued at $127,000. Xact Kapitalforvaltning AB increased its holdings in Fitbit by 69.7% during the 1st quarter. Xact Kapitalforvaltning AB now owns 25,078 shares of the scientific and technical instruments company’s stock valued at $128,000 after purchasing an additional 10,300 shares in the last quarter. GWM Advisors LLC acquired a new stake in Fitbit during the 3rd quarter valued at $144,000. CIBC World Markets Inc. acquired a new stake in Fitbit during the 1st quarter valued at $171,000. Finally, Fox Run Management L.L.C. acquired a new stake in Fitbit during the 2nd quarter valued at $184,000. 62.15% of the stock is owned by institutional investors and hedge funds.
The firm has a market cap of $946.28 million, a price-to-earnings ratio of -9.00 and a beta of 1.78.
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 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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