Finance

Sizzling Stock Alert: Fitbit Inc. (FIT)

Sizzling Stock Alert: Fitbit Inc. (FIT)

(NYSE:FIT) gapped down prior to trading on Wednesday following insider selling activity.

Other equities research analysts also recently issued research reports about the company.

Stock's distance from 52 week High is -56.76% and the distance from 52 week Low is 33.06%. Pacific Crest downgraded the shares of FIT in report on Thursday, September 29 to "Underweight" rating. The stock is now moving below its 20-Day Simple Moving Average of -0.02% with a 50-Day Simple Moving Average of 9.51 percent. Vetr upgraded Fitbit from a "sell" rating to a "hold" rating and set a $6.67 price objective for the company in a research report on Wednesday. Finally, Stifel Nicolaus reaffirmed a "hold" rating and set a $6.00 price target on shares of Fitbit in a research note on Thursday, September 14th. 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. The stock has a consensus rating of Hold and an average target price of $7.45.

Fitbit, Inc. (NYSE:FIT) belongs to Technology sector, the firm standing on a contradictory position.

A total of 4.88 Billion shares exchanged at hands and its average trading volume is standing at 6.96 Million shares. The stock's market capitalization is 1.52B. The stock's 50 day moving average is $6.56 and its 200-day moving average is $6.56. Fitbit, Inc. (NYSE:FIT) has noticeable measure of stock volatility, for this average true range is an exponential moving average (14 trading days) of the True Ranges. The scientific and technical instruments company reported ($0.08) earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of ($0.15) by $0.07. The company had revenue of $298.94 million for the quarter, compared to analyst estimates of $277.48 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.

Quarterly Revenue Growth on year-over-year basis stands at -39.8 percent. During last 3 month period, 11.39% of total institutional ownership has changed in the company shares.

TRADEMARK VIOLATION WARNING: "JPMorgan Chase & Co". If you are viewing this piece on another domain, it was copied illegally and republished in violation of U.S. and worldwide trademark & copyright laws.

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.

In other news, EVP Andy Missan sold 5,000 shares of the company's stock in a transaction on Friday, August 4th. The shares were sold at an average price of $5.09, for a total value of $76,350.00. Following the completion of the sale, the executive vice president now directly owns 105,133 shares in the company, valued at $724,366.37. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The disclosure for this sale can be found here. Insiders sold 585,000 shares of company stock worth $3,400,600 over the last 90 days.

Institutional ownership refers to the ownership stake in a company that is held by large financial organizations, pension funds or endowments. Amalgamated Bank lifted its holdings in shares of Fitbit by 20.1% in the 2nd quarter.

Fitbit Inc. manufactures and markets wearable fitness-tracking devices. Amalgamated Bank now owns 22,075 shares of the scientific and technical instruments company's stock valued at $117,000 after buying an additional 3,698 shares during the period. BNP Paribas Arbitrage SA now owns 446,630 shares of the scientific and technical instruments company's stock worth $2,372,000 after buying an additional 60,346 shares in the last quarter. State Street Corp raised its position in shares of Fitbit by 68.0% in the second quarter. Many investors will attempt to study both technicals and fundamentals with the goal of gaining greater knowledge of where the stock has been, and where it might be going. Adage Capital Partners GP L.L.C. bought a new stake in shares of Fitbit during the third quarter valued at about $7,420,000.


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