Science

Vetr Inc. Lowers Fitbit, Inc. (FIT) to Sell

In case of pullback, the next support the price will capture from accumulated volume will not be far away from current price at $6.49 and $5.84.

Several analysts have released their opinion on Fitbit, Inc.

For the current quarter, 16 analysts are projecting a mean EPS of $-0.04/share. "Management has taken some recovery initiatives that include executive shakeup and cost structuring".

A number of other equities analysts have also commented on the stock. Longbow Research reiterated a "neutral" rating on shares of Fitbit in a research report on Wednesday, June 21st. Oppenheimer Holdings, Inc. reiterated an outperform rating and set a $8.00 target price on shares of Fitbit in a research report on Tuesday, August 29th. The company operates in the Technology sector with a market capitalization of 1.62 Million. Vetr cut Fitbit from a strong-buy rating to a buy rating and set a $5.84 price objective on the stock.in a research note on Monday, June 26th.

Fitbit (FIT) traded up 6.24% on Tuesday, hitting $6.98. About 10.36M shares traded or 45.10% up from the average. The firm has a 50-day moving average price of $5.83 and a 200 day moving average price of $8.53. The company has market cap of $1.63 billion. The stock has advanced 34.08% to a low over the previous 12 months and showed declining move -61.28% to a high over the same period.

Fitbit Inc. manufactures and markets wearable fitness-tracking devices. The scientific and technical instruments company reported ($0.08) EPS for the quarter, topping the Thomson Reuters' consensus estimate of ($0.15) by $0.07. The company had revenue of $353.30 million during the quarter, compared to analysts' expectations of $341.24 million. Fitbit had a return on equity of 11.94% and a net margin of 4.67%. However, 17.51% over the last one month, 31.70% for the last quarter and year to date performance stands at -4.64%.

Fitbit Inc. (NYSE:FIT) reported its EPS in the last quarter as $-0.08/Share beating the analyst estimate of $-0.15/Share by a difference of $0.07.

TRADEMARK VIOLATION NOTICE: This story was first published by TrueBlueTribune and is the sole property of of TrueBlueTribune. If you are accessing this report on another website, it was illegally copied and reposted in violation of United States & worldwide copyright and trademark law. The legal version of this story can be accessed at https://www.dispatchtribunal.com/2017/09/27/fitbit-inc-fit-upgraded-to-hold-by-vetr-inc.html. The stock was sold at an average price of $5.73, for a total value of $2,865,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

In other news, Director Steven Joseph Murray sold 500,000 shares of the stock in a transaction on Monday, August 7th.

The company's stock is now moving with a +ve distance from the 200 day SMA of approximately 16.23%, and has a solid year to date (YTD) performance of -4.64% which means that the stock is constantly adding to its value from the previous fiscal year end price. Following the completion of the sale, the executive vice president now owns 71,419 shares in the company, valued at approximately $422,086.29. The disclosure for this sale can be found here. After a recent check, it is observed that the insiders for the firm now own 0.10% shares.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC now owns 4,741,700 shares of the scientific and technical instruments company's stock valued at $25,178,000 after buying an additional 3,126,706 shares during the last quarter. Vanguard Group Inc. increased its stake in Fitbit by 13.9% during the 2nd quarter. Insiders have sold a total of 555,000 shares of company stock valued at $3,167,450 over the last 90 days. The Manufacturers Life Insurance Company now owns 139,450 shares of the scientific and technical instruments company's stock valued at $741,000 after purchasing an additional 132,949 shares in the last quarter. State Street Corp grew its stake in shares of Fitbit by 68.0% in the 2nd quarter. Insiders have sold 592,537 shares of company stock valued at $3,554,416 over the last ninety days. Finally, Northern Trust Corp grew its stake in shares of Fitbit by 191.8% in the 2nd quarter. DnB Asset Management AS now owns 16,352,508 shares of the scientific and technical instruments company's stock worth $86,832,000 after purchasing an additional 5,989,005 shares during the period.

Fitbit, Inc. (FIT) lies in the upper part of a very wide and strong rising trend in the short term, and this will normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected.



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