Several other research firms also recently weighed in on FIT. Previously, the analysts had a Buy rating on the counter. Bank of America assumed coverage on Fitbit in a report on Monday, July 13th.
Analysts at Dougherty & Co downgraded Fitbit stock from Buy to Neutral, primarily on the basis of valuation. Robert W. Baird raised their price target on Fitbit from $52.00 to $54.00 and gave the company an “outperform” rating in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has an average rating of Buy and an average target price of $46.73.
Fitbit (NYSE:FIT) traded down 13.40% on Thursday, reaching $44.72. The 52-week low of the share price is at $29.5. The company’s 50-day moving average price is $42.53 and its 200 day moving average price is $42.53. It was its first quarterly earnings report since it went public on June 18.
Looking forward, Fitbit projects profit of $0.07 to $0.10 per share on revenue between $335 million and $365 million for the current quarter and earnings of $0.69 to $0.77 per share on sales of $1.6 billion to $1.7 billion for the year.
Revenue for the second quarter rose to $400.41 million from $113.57 million a year ago.
Analysts surveyed by Thomson Reuters expect earnings of 7 cents a share and revenue of $261 million for the quarter. Also, Director Jon Callaghan sold 3,133,707 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The sale was disclosed in a document filed with the SEC, which is accessible through this link. At the end of the first quarter, a total of 64 of the hedge funds tracked by Insider Monkey held long positions in this stock, up by 22 from the fourth quarter. The shares were sold at an average cost of $18.80, for a total worth of $20,601,359.60.
Fitbit, Inc. (NYSE:FIT): On Tuesday heightened volatility was witnessed in Fitbit, Inc. “FY15 guidance reflects much stronger than modeled top-line prospects throughout 2015, driven by increased production capacity and ability to deliver to consumer demand, particularly in the new products that dominate product mix (Charge, Charge HR, and Surge)”. It operates a provider of interactive video, FitStar -based exercise encounters on mobile devices and computers.
