Fitbit (NYSE:FIT) Sets New 52-Week Low at $4.21

Fitbit Inc (NYSE:FIT) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $4.21 and last traded at $4.27, with a volume of 120067 shares traded. The stock had previously closed at $4.32.

Several analysts have issued reports on FIT shares. ValuEngine downgraded shares of Fitbit from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 5th. Roth Capital set a $8.00 target price on shares of Fitbit and gave the stock a “buy” rating in a research report on Friday, March 8th. William Blair reaffirmed a “market perform” rating on shares of Fitbit in a research report on Monday, March 11th. Finally, Zacks Investment Research raised shares of Fitbit from a “hold” rating to a “buy” rating and set a $5.75 target price on the stock in a research report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $6.08.

The firm has a 50-day moving average of $4.68. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.57 and a current ratio of 1.87.

Fitbit (NYSE:FIT) last issued its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported ($0.15) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.22) by $0.07. The business had revenue of $272.00 million for the quarter, compared to analyst estimates of $259.71 million. Fitbit had a negative net margin of 12.01% and a negative return on equity of 18.79%. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period last year, the company posted ($0.17) earnings per share. Analysts predict that Fitbit Inc will post -0.41 EPS for the current fiscal year.

In other news, EVP Andy Missan sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $4.99, for a total transaction of $37,425.00. Following the transaction, the executive vice president now directly owns 116,914 shares of the company’s stock, valued at $583,400.86. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 22,594 shares of company stock worth $116,772. Corporate insiders own 18.60% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Squarepoint Ops LLC increased its holdings in Fitbit by 1,972.9% during the fourth quarter. Squarepoint Ops LLC now owns 824,186 shares of the scientific and technical instruments company’s stock valued at $4,096,000 after buying an additional 784,426 shares during the period. Intellectus Partners LLC increased its holdings in Fitbit by 1,022.8% during the fourth quarter. Intellectus Partners LLC now owns 640,000 shares of the scientific and technical instruments company’s stock valued at $3,181,000 after buying an additional 583,000 shares during the period. Legal & General Group Plc increased its holdings in Fitbit by 10.7% during the fourth quarter. Legal & General Group Plc now owns 78,236 shares of the scientific and technical instruments company’s stock valued at $388,000 after buying an additional 7,578 shares during the period. Hsbc Holdings PLC increased its holdings in Fitbit by 8.5% during the fourth quarter. Hsbc Holdings PLC now owns 61,812 shares of the scientific and technical instruments company’s stock valued at $307,000 after buying an additional 4,831 shares during the period. Finally, Bellevue Group AG increased its holdings in Fitbit by 28.0% during the fourth quarter. Bellevue Group AG now owns 3,218,884 shares of the scientific and technical instruments company’s stock valued at $15,998,000 after buying an additional 704,984 shares during the period. 66.85% of the stock is currently owned by institutional investors.

Fitbit Company Profile (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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