Should You Be Concerned About This Stock?: Fitbit, Inc., (NYSE: FIT)

Desiree Burns
November 5, 2018

Wedbush upgraded shares of Fitbit (NYSE:FIT) from a neutral rating to an outperform rating in a research note issued to investors on Friday, October 12th, Marketbeat Ratings reports. The lowest price during the trading day was $5.45. The failure to get near-term support could push it to $5.62. The company now has a consensus rating of "Hold" and a consensus target price of $5.83. Russell Investments Group Ltd. now owns 118,894 shares of the scientific and technical instruments company's stock valued at $606,000 after purchasing an additional 12,500 shares in the last quarter. Its weekly volatility is hovering around 8.94% and felt 6.42% volatility in price over a month.

The RSI index is largely used by traders on a 14.0-day time period and is evaluated on a range from 0.0 to 100.00, along with both high and low volumes marked at 70.00 and 30.00, correspondingly. The stock finished Friday at $6.1. The 2.52% uptrend helped its market value to reach at $1.46B. The price went up as high as $5.79 before retreating. Over the last ninety days, insiders have sold 1,025,000 shares of company stock worth $6,354,550. The volume amounted to 48834521 shares which compares with the average volume of 5.85M shares. A stock with a beta more than 1 means high volatile and less than 1 means low volatile. (NYSE:FIT), the mean rating for this stock is 2.83.

Most Important details of Fitbit, Inc. (FIT) stood at 0.3% while institutions hold 69.9%.

Want to see what other hedge funds are holding FIT? MetLife Investment Advisors LLC boosted its holdings in Fitbit by 14.5% during the second quarter. This trend takes place less repeatedly. Also, EVP Andy Missan sold 10,000 shares of the business's stock in a transaction dated Thursday, August 16th. Following the completion of the transaction, the director now owns 42,332 shares of the company's stock, valued at approximately $263,305.04. The shares were sold at an average price of $4.76, for a total value of $35,700.00. The selling total is valued at $941,724.

In other news, Director Steven Joseph Murray sold 1,000,000 shares of the stock in a transaction dated Monday, August 27th. Schwab Charles Investment Management Inc. now owns 1,160,629 shares of the scientific and technical instruments company's stock valued at $7,579,000 after purchasing an additional 240,290 shares in the last quarter.

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For more Fitbit, Inc. (NYSE:FIT) has 25% bullish analysts. The stock rating was maintained by Wedbush with "Neutral" on Thursday, August 2.

The price target set for the stock is $6.47. Finally, William Blair reaffirmed a "market perform" rating on shares of Fitbit in a research note on Friday, September 21st.

Notable Experts have a mean recommendation of 2.8 on this stock. Compared to others, Fitbit, in a different league with regards to profitability, having net margins of -19.7%. FIT's ROE is -38.5%, which is also considerably worse than the industry's ROE of 21.83%. (FIT) have gained 29.% since the company's last earnings report. Over the past 12 fiscal quarters, Fitbit, Inc. The firm offers Fitbit Zip, an entry-level wireless activity tracker that allows users to track daily activity statistics, such as steps, distance, calories burned, and active minutes; Fitbit One, a clippable wireless tracker, which tracks floors climbed and sleep, as well as daily steps, distance, calories burned, and active minutes; and Fitbit Flex 2, a water-resistant fitness wristband that tracks pool swims comprising laps, duration, and calories burned in the Fitbit App.Last it reported negative earnings. FIT last reported earnings on October 31, 2018 when it released Sep-18 results that exceeded expectations.

FIT reached $6.01 during the last trading session after $0.06 change.Fitbit, Inc. has 5.68 million shares volume, 0.24% up from normal.

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