Shares of Fitbit, Inc. (NYSE:FIT) have investors on high alert. The stock had previously closed at $6.61, but opened at $6.66.
Fitbit, Inc. (NYSE:FIT) belongs to Technology sector, the firm standing on a contradictory position.
In other Fitbit news, EVP Andy Missan sold 5,000 shares of the firm's stock in a transaction dated Friday, August 4th. 01, 2017, the great number of shares disposed came courtesy the Director; Callaghan Jon disposed a total of 15,000 shares at an average price of $5.9, amounting to approximately $88,500. Similar statistics are true for the second largest owner, Vanguard Group Inc, which owns 12,808,192 shares of the stock are valued at $88.38 million. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0 analysts gave its stock an Outperform rating. 01, 2017, the shares were put up for sale at an average price of $5.91, raking in a sum of $29,550. The disclosure for this sale can be found here. When we look at the Volatility of the company, Week Volatility is at 3.31% whereas Month Volatility is at 4.60%.
Several research analysts have recently commented on the stock. 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. Fitbit had 78 analyst reports since August 6, 2015 according to SRatingsIntel. If the published price targets set by Fitbit, Inc. analysts have any power to influence the stock's share price, the highest price target set for FIT is $10. Six equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company. Fitbit presently has an average rating of Hold and an average target price of $7.45. Shares are now up over the past year, outperforming the broad market by -100% and underperformed a peer group of similar companies by -282%. The stock has a 50 day moving average of $5.79 and a 200-day moving average of $6.97.
Fitbit (NYSE:FIT) last issued its quarterly earnings results on Wednesday, August 2nd. The scientific and technical instruments company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.15) by $0.07. Fitbit had a return on equity of 11.94% and a net margin of 4.67%. The firm had revenue of $353.30 million for the quarter, compared to analyst estimates of $341.24 million. (NASDAQ:ZGNX) traded down -0.13% in the last session while performance was up 38.85% in the last five days. This works out to an increase of 39.47% compared to last year's earnings.
FIT is now undervalued by -2.83% relative to the average 1-year price target of $6.71 taken from a group of Wall Street Analysts.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in FIT. Artemis Investment Management LLP now owns 2,535,000 shares of the scientific and technical instruments company's stock valued at $13,447,000 after purchasing an additional 727,000 shares during the period. Bank of New York Mellon Corp increased its position in Fitbit by 6.0% in the first quarter. Kissinger Financial Services LLC acquired a new position in shares of Fitbit in the 2nd quarter valued at about $153,000. Swiss National Bank grew its holdings in Fitbit by 10.3% during the 1st quarter. Swiss National Bank now owns 238,200 shares of the scientific and technical instruments company's stock worth $1,410,000 after buying an additional 22,300 shares during the period. Artemis Investment Management LLP now owns 2,535,000 shares of the scientific and technical instruments company's stock worth $13,447,000 after acquiring an additional 727,000 shares during the period.
Fitbit stock also got a lift following a September 26 announcement that the company was one of nine that had been approved for a Food and Drug Administration program that will ease the regulatory approval measures for health and wellness apps, thereby speeding development processes. Finally, Northern Trust Corp raised its position in shares of Fitbit by 191.8% in the second quarter. The firm now has a $8.00 price target on the scientific and technical instruments company's stock.