Analysts Expect Fitbit Inc (NYSE:FIT) Will Post Quarterly Sales of $312.48 Million

Wall Street brokerages forecast that Fitbit Inc (NYSE:FIT) will post sales of $312.48 million for the current quarter, Zacks reports. Six analysts have provided estimates for Fitbit’s earnings, with the lowest sales estimate coming in at $307.80 million and the highest estimate coming in at $319.95 million. Fitbit reported sales of $299.34 million during the same quarter last year, which indicates a positive year over year growth rate of 4.4%. The firm is scheduled to report its next earnings results on Wednesday, August 7th.

According to Zacks, analysts expect that Fitbit will report full year sales of $1.56 billion for the current financial year, with estimates ranging from $1.54 billion to $1.58 billion. For the next financial year, analysts expect that the firm will report sales of $1.60 billion, with estimates ranging from $1.51 billion to $1.69 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Fitbit.

Fitbit (NYSE:FIT) last issued its quarterly earnings data on Wednesday, May 1st. The scientific and technical instruments company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.07. The firm 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%. Fitbit’s revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.17) EPS.

A number of analysts have issued reports on the stock. ValuEngine lowered shares of Fitbit from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 5th. William Blair reiterated a “market perform” rating on shares of Fitbit in a research note on Monday, March 11th. Roth Capital set a $8.00 price target on shares of Fitbit and gave the stock a “buy” rating in a research note on Friday, March 8th. Finally, Zacks Investment Research upgraded shares of Fitbit from a “hold” rating to a “buy” rating and set a $5.75 price target on the stock in a research note on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $6.08.

In related news, EVP Andy Missan sold 7,500 shares of the company’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 sale, the executive vice president now directly owns 116,914 shares in the company, valued at $583,400.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 22,594 shares of company stock worth $116,772 over the last 90 days. Insiders own 18.60% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its holdings in Fitbit by 45.7% in the 4th quarter. Rhumbline Advisers now owns 304,011 shares of the scientific and technical instruments company’s stock valued at $1,511,000 after purchasing an additional 95,284 shares during the period. BlackRock Inc. boosted its holdings in Fitbit by 6.2% in the 4th quarter. BlackRock Inc. now owns 16,696,783 shares of the scientific and technical instruments company’s stock valued at $82,983,000 after purchasing an additional 972,560 shares during the period. Bank of New York Mellon Corp boosted its holdings in Fitbit by 10.2% in the 4th quarter. Bank of New York Mellon Corp now owns 937,916 shares of the scientific and technical instruments company’s stock valued at $4,661,000 after purchasing an additional 86,757 shares during the period. Greenwich Wealth Management LLC boosted its holdings in Fitbit by 26.1% in the 4th quarter. Greenwich Wealth Management LLC now owns 45,426 shares of the scientific and technical instruments company’s stock valued at $226,000 after purchasing an additional 9,400 shares during the period. Finally, GSA Capital Partners LLP bought a new position in Fitbit in the 4th quarter valued at $96,000. Hedge funds and other institutional investors own 66.85% of the company’s stock.

Shares of NYSE:FIT opened at $4.40 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.87 and a quick ratio of 1.57. The stock has a market capitalization of $966.54 million, a price-to-earnings ratio of -7.33 and a beta of 1.59. The stock’s 50-day simple moving average is $4.68. Fitbit has a 1 year low of $4.21 and a 1 year high of $7.12.

Fitbit Company Profile

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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