Roth Capital Analysts Give Fitbit (FIT) a $8.00 Price Target


In analysts report revealed to investors and clients on 3 May, The Underperform rating of Fitbit (NYSE:FIT) shares was reconfirmed at Bank of America, who now has a $4.8 target price on the stock. On Monday, April 2 the stock rating was downgraded by Morgan Stanley to "Underweight".

A number of brokerages recently issued reports on FIT. As per Tuesday, May 1, the company rating was maintained by Roth Capital. (NYSE:FIT) rating on Tuesday, February 27. Roth Capital downgraded the shares of FIT in report on Thursday, March 15 to "Hold" rating. The firm has "Sell" rating by Citigroup given on Tuesday, February 27.

4/30/2018-DA Davidson initiated coverage with a Neutral rating. The stock has "Equal-Weight" rating by Morgan Stanley on Tuesday, February 27. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. Bank of America's target gives a possible downside of -0.83 % from the last stock close price of the company. Approximately 14,749,798 shares were traded during mid-day trading, an increase of 163% from the average daily volume of 5,607,481 shares.

The company's core wearable fitness trackers business has fallen sharply as it faces bigger names with deeper pockets, such as Apple and Samsung, that are relatively new entries in the wearable market but control a large and loyal customer base in electronics. Fitbit has $10 highest and $4 lowest target.

Fitbit Inc (NYSE:FIT) has an ABR of 2.98 which is the combined stock view of 12 analysts poll results. The scientific and technical instruments company reported ($0.12) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.06). A year ago the company's sales were $353300 while its sales growth yearly estimates for the current quarter are -12.3%. The shares were sold at an average price of $5.43, for a total transaction of $27,150.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jon Callaghan sold 15,000 shares of the company's stock in a transaction dated Monday, April 2nd.

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On 4/2/2018 Andy Missan, EVP, sold 5,000 with an average share price of $4.62 per share and the total transaction amounting to $23,100.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,000 shares of company stock valued at $214,750.

A number of hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC now owns 2,975,500 shares of the scientific and technical instruments company's stock worth $16,990,000 after purchasing an additional 1,456,424 shares during the last quarter.

Fitbit's quarterly revenue declined 17.1% year over year to $247.9 million, which translated to an adjusted (non-GAAP) net loss of $41 million, or $0.17 per share.

Park also revealed that in the first week that the Versa went on sale in the U.S., it saw the best sell-through sales of any Fitbit device in the history of the company. Allianz Asset Management GmbH now owns 6,079,011 shares of the scientific and technical instruments company's stock worth $34,711,000 after purchasing an additional 638,235 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Fitbit by 11.8% during the 3rd quarter. Greenwich Wealth Management LLC increased its position in Fitbit by 84.1% during the fourth quarter. Craig Hallum initiated Fitbit, Inc.

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