Fitbit (NYSE:FIT) Shares Gap Up to $2.95

Fitbit Inc (NYSE:FIT) gapped up before the market opened on Wednesday . The stock had previously closed at $2.80, but opened at $2.95. Fitbit shares last traded at $3.02, with a volume of 7,607,403 shares.

FIT has been the topic of several analyst reports. ValuEngine upgraded Fitbit from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Zacks Investment Research raised Fitbit from a “hold” rating to a “buy” rating and set a $5.75 price objective for the company in a research report on Wednesday, May 8th. Wedbush cut their price objective on Fitbit from $5.00 to $4.00 and set a “neutral” rating for the company in a research report on Thursday, August 1st. Finally, Citigroup cut their price objective on Fitbit from $5.00 to $2.00 in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. Fitbit has a consensus rating of “Hold” and an average target price of $5.32.

The business has a 50-day moving average of $3.86 and a 200-day moving average of $5.06. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.58 and a current ratio of 1.87. The stock has a market capitalization of $780.22 million, a price-to-earnings ratio of -5.03 and a beta of 1.48.



Fitbit (NYSE:FIT) last issued its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.03. The firm had revenue of $313.56 million during the quarter, compared to the consensus estimate of $311.59 million. Fitbit had a negative return on equity of 15.67% and a negative net margin of 8.69%. The company’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period last year, the company earned ($0.22) EPS. Equities analysts predict that Fitbit Inc will post -0.59 earnings per share for the current fiscal year.

Large investors have recently modified their holdings of the stock. DNB Asset Management AS grew its position in Fitbit by 38.7% in the 2nd quarter. DNB Asset Management AS now owns 22,194,990 shares of the scientific and technical instruments company’s stock valued at $97,658,000 after acquiring an additional 6,196,500 shares in the last quarter. BlackRock Inc. grew its position in Fitbit by 35.2% in the 2nd quarter. BlackRock Inc. now owns 22,139,515 shares of the scientific and technical instruments company’s stock valued at $97,414,000 after acquiring an additional 5,763,694 shares in the last quarter. Spark Investment Management LLC acquired a new position in Fitbit in the 1st quarter valued at about $16,618,000. Norges Bank acquired a new position in Fitbit in the 4th quarter valued at about $10,555,000. Finally, Vanguard Group Inc. grew its position in Fitbit by 7.4% in the 2nd quarter. Vanguard Group Inc. now owns 26,441,008 shares of the scientific and technical instruments company’s stock valued at $116,340,000 after acquiring an additional 1,814,654 shares in the last quarter. 61.27% of the stock is owned by hedge funds and other institutional investors.

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 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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