Economy

Analysts See $-0.09 EPS for Fitbit Inc (FIT)

Analysts See $-0.09 EPS for Fitbit Inc (FIT)

(NYSE:FIT) have investors on high alert. Parametric Portfolio Associates LLC now owns 72,680 shares of the scientific and technical instruments company's stock worth $430,000 after buying an additional 34,143 shares during the period.

A number of other brokerages have also recently commented on FIT. Stifel Nicolaus restated a hold rating and issued a $6.00 price target on shares of Fitbit in a research note on Thursday, September 14th.

Additionally on 4/25/17 Benchmark "Initiates Coverage On" Fitbit Inc (NYSE:FIT) to Buy setting price target at $10 and on 1/31/17 Citigroup "Downgrades" the stock to Sell at $0. Analysts have a mean recommendation of 2.90 on this stock (A rating of less than 2 means buy, "hold" within the 3 range, "sell" within the 4 range, and "strong sell" within the 5 range). The company has an average rating of "Hold" and a consensus price target of $10.21.

Shares of Fitbit (FIT) traded up 0.77% during trading on Wednesday, reaching $6.51. 7,315,950 shares of the stock were exchanged. The third largest holder is Blackrock Inc., which now holds $71.04 million worth of this stock and that ownership represents almost 4.61% of its market capitalization. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of ($0.15) by $0.07. The firm had revenue of $353.30 million during the quarter, compared to analysts' expectations of $341.24 million. Net profit margin of the company was recorded at -13.8 percent, operating profit margin was -17.1 percent, while gross profit margin stands at 36.7 percent. However, 13.07% over the last one month, 25.19% for the last quarter and year to date performance stands at -9.02%.

The company declined -0.92% and closed its last trading session at $6.52. Analysts expect that Fitbit will post ($0.31) earnings per share for the current fiscal year.

Shares of Zogenix, Inc. If you are viewing this piece on another domain, it was copied illegally and republished in violation of United States and global trademark & copyright laws. Three months ago, analysts assigned FIT a 3.13 rating, which implies that analysts have become more optimistic about the outlook for the stock over the next year.

In other Fitbit news, EVP Andy Missan sold 5,000 shares of the firm's stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $5.68, for a total value of $28,400.00. Following the transaction, the executive vice president now directly owns 110,133 shares in the company, valued at $770,931. The firm has "Outperform" rating given on Tuesday, February 2 by Oppenheimer. The stock was bought at an average price of $5.48 per share, for a total transaction of $99,999.04. Following the sale, the director now owns 11,442 shares in the company, valued at approximately $65,562.66. The disclosure for this sale can be found here. A statistical measure of the dispersion of returns (volatility) for FIT producing salvation in Investors mouth, it has week volatility of 3.17% and for the month booked as 4.61%. Corporate insiders own 29.10% of the company's stock.

Several hedge funds have recently modified their holdings of FIT. Capital Fund Management S.A. acquired a new position in shares of Fitbit in the 2nd quarter valued at about $157,000. Swiss National Bank now owns 238,200 shares of the scientific and technical instruments company's stock valued at $1,410,000 after purchasing an additional 22,300 shares during the period. BNP Paribas Arbitrage SA lifted its position in Fitbit by 15.6% during the 2nd quarter.

COPYRIGHT VIOLATION NOTICE: "Fitbit, Inc". According to this momentum indicator, a reading between 30 and 70 suggests the stock is not especially cheap or expensive, and not on the brink of a trend reversal. Bank of New York Mellon Corp increased its position in Fitbit by 6.0% in the first quarter. BNP Paribas Arbitrage SA now owns 446,630 shares of the scientific and technical instruments company's stock worth $2,372,000 after acquiring an additional 60,346 shares during the period. Finally, Northern Trust Corp raised its position in shares of Fitbit by 191.8% in the second quarter. The company's stock had a trading volume of 5,360,168 shares.