Fitbit (FIT) Posts Earnings Results, Beats Expectations By $0.05 EPS

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Wedbush upgraded shares of Fitbit (NYSE:FIT) from a neutral rating to an outperform rating in a research note issued to investors on Friday, October 12th, Marketbeat Ratings reports. The firm owned 2,349,545 shares of the scientific and technical instruments company's stock after acquiring an additional 181,439 shares during the quarter. Private Advisor Group LLC boosted its position in shares of Fitbit by 60.4% during the third quarter. They now have $7.00 target price on the scientific and technical instruments company's stock. Russell Investments Group Ltd. boosted its holdings in Fitbit by 11.7% during the first quarter. Trexquant Investment LP purchased a new position in shares of Fitbit during the 2nd quarter valued at approximately $1,384,000. Finally, Swiss National Bank increased its holdings in shares of Fitbit by 11.2% during the 2nd quarter. Over the last 90 days, insiders sold 1,025,000 shares of company stock worth $6,354,550. Hedge funds and other institutional investors own 62.18% of the company's stock. The stock rating was maintained by Stifel Nicolaus with "Hold" on Thursday, August 2. Finally, William Blair reiterated a "market perform" rating on shares of Fitbit in a research report on Friday, September 21st. On Thursday, June 7 the rating was maintained by Wedbush with "Hold". Robert W. Baird reaffirmed a "hold" rating and set a $6.00 price objective on shares of Fitbit in a research note on Thursday, August 2nd. This is based on a 1-5 numeric scale where Rating Scale: 1.0 Strong Buy, 2.0 Buy, 3.0 Hold, 4.0 Sell, 5.0 Strong Sell. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. The company now has a consensus rating of "Hold" and a consensus target price of $5.83. The stock rating was maintained by Wedbush with "Neutral" on Thursday, August 2.

Fitbit, Inc. designs and sells connected health and fitness tracking devices.The company has $1.47 billion market cap. A stock with a beta more than 1 means high volatile and less than 1 means low volatile. The firm offers Fitbit Zip, an entry-level wireless activity tracker that allows users to track daily activity statistics, such as steps, distance, calories burned, and active minutes; Fitbit One, a clippable wireless tracker, which tracks floors climbed and sleep, as well as daily steps, distance, calories burned, and active minutes; and Fitbit Flex 2, a water-resistant fitness wristband that tracks pool swims comprising laps, duration, and calories burned in the Fitbit App.Last it reported negative earnings. The scientific and technical instruments company reported $0.04 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.05, Briefing.com reports.

Fitbit Inc (NYSE:FIT)'s revenue estimates for the current quarter are $569.36 Million according to 10 number of analysts, for the current quarter the company has high revenue estimates of $580 Million in contradiction of low revenue estimates of $560 Million. Fitbit had a negative net margin of 16.32% and a negative return on equity of 24.19%. For this quarter, Wall Street analysts forecast revenue in a range of $560 million to $580 million, which should be compared with $630.49 million generated a year ago.

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FIT touched $6.01 during the last trading session after $0.06 change.Fitbit, Inc. has 5.68M shares volume, 0.24% up from normal. As a group, equities research analysts predict that Fitbit Inc will post -0.69 EPS for the current year. Also, Director Steven Joseph Murray sold 1,000,000 shares of the company's stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $6.22, for a total value of $6,220,000.00. Following the completion of the transaction, the director now owns 42,332 shares of the company's stock, valued at $263,305.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

In other news, EVP Andy Missan sold 10,000 shares of the firm's stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $5.43, for a total value of $54,300.00. Following the transaction, the executive vice president now directly owns 154,381 shares in the company, valued at approximately $838,288.83.

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