Fitbit Inc (NYSE:FIT) Expected to Post Earnings of $0.03 Per Share

Brokerages expect that Fitbit Inc (NYSE:FIT) will report earnings per share (EPS) of $0.03 for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Fitbit’s earnings. The lowest EPS estimate is $0.01 and the highest is $0.06. Fitbit posted earnings per share of $0.14 during the same quarter last year, which would indicate a negative year-over-year growth rate of 78.6%. The firm is expected to announce its next earnings results on Wednesday, February 26th.

On average, analysts expect that Fitbit will report full-year earnings of ($0.36) per share for the current financial year, with EPS estimates ranging from ($0.38) to ($0.33). For the next fiscal year, analysts expect that the business will post earnings of ($0.23) per share, with EPS estimates ranging from ($0.26) to ($0.22). Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research firms that cover Fitbit.

Fitbit (NYSE:FIT) last announced its quarterly earnings results on Wednesday, November 6th. The scientific and technical instruments company reported ($0.10) earnings per share for the quarter, meeting the consensus estimate of ($0.10). The company had revenue of $347.20 million during the quarter, compared to analysts’ expectations of $346.33 million. Fitbit had a negative return on equity of 21.76% and a negative net margin of 12.27%.

Several brokerages recently weighed in on FIT. Craig Hallum cut Fitbit from a “buy” rating to a “hold” rating and set a $7.30 price target for the company. in a research report on Friday, November 1st. Roth Capital cut Fitbit from a “buy” rating to a “neutral” rating and set a $7.30 price target for the company. in a research report on Friday, November 1st. Morgan Stanley upgraded Fitbit from an “underweight” rating to an “equal weight” rating and set a $7.30 price target for the company in a research report on Friday, November 1st. ValuEngine upgraded Fitbit from a “hold” rating to a “buy” rating in a research report on Wednesday, January 15th. Finally, Wedbush restated a “hold” rating and issued a $4.00 price objective on shares of Fitbit in a research report on Tuesday, October 29th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $6.61.

FIT stock traded up $0.01 during trading on Friday, hitting $6.69. 3,549,387 shares of the company traded hands, compared to its average volume of 4,914,177. The stock’s 50-day simple moving average is $6.58 and its 200 day simple moving average is $5.02. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.65 and a quick ratio of 1.29. The company has a market cap of $1.53 billion, a PE ratio of -9.29 and a beta of 1.73. Fitbit has a 1 year low of $2.81 and a 1 year high of $7.26.

In other news, CEO James Park sold 340,987 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $6.80, for a total value of $2,318,711.60. Following the completion of the sale, the chief executive officer now directly owns 527,017 shares in the company, valued at $3,583,715.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 18.60% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of FIT. Tower Research Capital LLC TRC increased its position in shares of Fitbit by 1,110.9% in the second quarter. Tower Research Capital LLC TRC now owns 5,752 shares of the scientific and technical instruments company’s stock valued at $25,000 after buying an additional 5,277 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Fitbit in the third quarter valued at approximately $35,000. Moors & Cabot Inc. increased its position in shares of Fitbit by 25.2% in the third quarter. Moors & Cabot Inc. now owns 12,900 shares of the scientific and technical instruments company’s stock valued at $52,000 after buying an additional 2,600 shares in the last quarter. North Star Asset Management Inc. increased its position in shares of Fitbit by 57.6% in the third quarter. North Star Asset Management Inc. now owns 16,000 shares of the scientific and technical instruments company’s stock valued at $61,000 after buying an additional 5,850 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new stake in shares of Fitbit in the first quarter valued at approximately $62,000. Institutional investors and hedge funds own 52.89% of the company’s stock.

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 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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