Fitbit Inc (NYSE:FIT) saw a significant decline in short interest in March. As of March 15th, there was short interest totalling 41,339,101 shares, a decline of 7.6% from the February 28th total of 44,739,254 shares. Currently, 28.5% of the shares of the stock are sold short. Based on an average daily volume of 8,653,869 shares, the days-to-cover ratio is currently 4.8 days.
In other Fitbit news, EVP Timothy M. Roberts sold 369,385 shares of the business’s stock in a transaction on Friday, February 24th. The stock was sold at an average price of $6.01, for a total value of $2,220,003.85. Following the transaction, the executive vice president now owns 369,385 shares of the company’s stock, valued at $2,220,003.85. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Steven Joseph Murray sold 173,152 shares of the business’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $6.00, for a total value of $1,038,912.00. The disclosure for this sale can be found here. In the last three months, insiders sold 592,537 shares of company stock worth $3,554,416. Insiders own 37.29% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Foundry Group LLC purchased a new stake in shares of Fitbit during the fourth quarter worth $49,777,000. Morgan Stanley raised its stake in shares of Fitbit by 76.4% in the third quarter. Morgan Stanley now owns 3,801,352 shares of the company’s stock worth $56,411,000 after buying an additional 1,646,344 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Fitbit by 26.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,472,704 shares of the company’s stock worth $51,535,000 after buying an additional 717,383 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Fitbit by 476.2% in the third quarter. Ameriprise Financial Inc. now owns 3,019,722 shares of the company’s stock worth $44,812,000 after buying an additional 2,495,640 shares in the last quarter. Finally, HS Management Partners LLC purchased a new stake in shares of Fitbit during the third quarter worth $40,452,000. Institutional investors own 65.31% of the company’s stock.
Several equities analysts have recently issued reports on the company. Zacks Investment Research raised Fitbit from a “sell” rating to a “hold” rating in a research note on Monday, December 5th. Pacific Crest raised Fitbit to an “underperform” rating and set a $8.00 price target on the stock in a research note on Sunday, December 4th. Dougherty & Co reaffirmed a “neutral” rating on shares of Fitbit in a research note on Wednesday, December 7th. Mizuho set a $9.00 price target on Fitbit and gave the company a “hold” rating in a research note on Wednesday, December 7th. Finally, Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $12.00 price target on shares of Fitbit in a research note on Wednesday, December 7th. Five equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $10.92.
Shares of Fitbit (NYSE:FIT) opened at 5.92 on Friday. Fitbit has a one year low of $5.31 and a one year high of $18.85. The firm has a 50 day moving average price of $5.87 and a 200 day moving average price of $9.08. The company’s market capitalization is $1.34 billion.
Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, February 22nd. The company reported ($0.56) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by $0.06. Fitbit had a net margin of 4.67% and a return on equity of 11.94%. The business earned $574 million during the quarter, compared to the consensus estimate of $576.04 million. During the same quarter in the previous year, the business posted $0.35 EPS. The company’s revenue for the quarter was down 19.3% on a year-over-year basis. On average, equities research analysts predict that Fitbit will post ($0.35) EPS for the current fiscal year.
Fitbit Company Profile
Fitbit, Inc is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts.