Fitbit comes with the average rating of Buy and an average cost goal of $52.92.
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FIT has been the topic of a number of other reports.
The gross margin decline “is a sticking point in what’s otherwise a strong beat-and-raise quarter”, RBC Capital Markets analyst Mark Sue said in a research report Wednesday. Finally, SunTrust started coverage on Fitbit in a report on Monday, July 13th.
Stifel is optimistic for Fitbit having a “Buy” rating with price target of $57. (NYSE:FIT) which led to swings in the share price. Fitbit has a 52-week low of $29.50 and a 52-week high of $51.90.
Fitbit went public in June following an initial public offering. Quarterly adjusted earnings per share (EPS) clocked in at 21 cents, up 133% over last year, and well above the Street’s estimate of eight cents.
Overall, net income rose to $17.7 million, or $0.07 per share, from $14.8 million, or $0.07 per share, a year earlier.
Analysts polled by Thomson Reuters expected the company to earn $0.08 per share on revenue of $319.45 million for the second quarter.
Looking to the third quarter Fitbit said it expects to report earnings of 7 cents to 10 cents a share and revenue of $335 million to $365 million. The stock was sold at an average price of $18.80, for a total value of $20,601,359.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Eric N. Friedman sold 1,095,817 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The average 12-month price target on the stock is $50, marking a 2% potential downside from where shares last closed. The disclosure for this sale can be found here.
Fitbit, Inc. (NYSE:FIT) is a supplier of wellness and fitness services and products.
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Fitbit sold 4.5 million connected health and fitness devices, above 3.9 million in 1Q and 1.7 million in 2QFY14. “Its wrist-established and clippable devices mechanically trail users” daily steps, calories burned, distance traveled, floors climbed, and busy minutes and display real-time suggestions to encourage them to be active within their everyday lives. Fitbit Premium is its membership that functions as an around-the-clock digital private trainer produced to users through any Web browser. It operates a supplier of interactive video, FitStar -based workout experiences on mobile phones and computers.
