Analysts expect Fitbit Inc (NYSE:FIT) to post earnings per share (EPS) of $0.03 for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Fitbit’s earnings. The lowest EPS estimate is $0.01 and the highest is $0.06. Fitbit posted earnings of $0.14 per share during the same quarter last year, which suggests a negative year over year growth rate of 78.6%. The business is expected to issue its next earnings report on Wednesday, February 26th.
On average, analysts expect that Fitbit will report full year earnings of ($0.36) per share for the current financial year, with EPS estimates ranging from ($0.38) to ($0.33). For the next fiscal year, analysts forecast that the firm will post earnings of ($0.22) per share, with EPS estimates ranging from ($0.26) to ($0.18). Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research analysts that follow Fitbit.
Fitbit (NYSE:FIT) last posted its quarterly earnings results on Wednesday, November 6th. The scientific and technical instruments company reported ($0.10) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.10). The firm had revenue of $347.20 million for the quarter, compared to analyst estimates of $346.33 million. Fitbit had a negative net margin of 12.27% and a negative return on equity of 21.76%.
Several research analysts have issued reports on the stock. Wedbush restated a “hold” rating and issued a $4.00 price target on shares of Fitbit in a research report on Tuesday, October 29th. Citigroup upgraded shares of Fitbit from a “sell” rating to a “hold” rating and lifted their price target for the stock from $2.00 to $7.30 in a research report on Friday, November 1st. Roth Capital lowered shares of Fitbit from a “buy” rating to a “neutral” rating and set a $7.30 price target on the stock. in a research report on Friday, November 1st. Morgan Stanley raised shares of Fitbit from an “underweight” rating to an “equal weight” rating and set a $7.30 price objective for the company in a research note on Friday, November 1st. Finally, ValuEngine raised shares of Fitbit from a “hold” rating to a “buy” rating in a research note on Wednesday, January 15th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $6.61.
Fitbit stock opened at $6.68 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.29 and a current ratio of 1.65. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -9.28 and a beta of 1.73. Fitbit has a 1 year low of $2.81 and a 1 year high of $7.26. The firm’s 50 day moving average price is $6.60 and its two-hundred day moving average price is $4.98.
In related news, CEO James Park sold 75,775 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $6.71, for a total value of $508,450.25. Following the completion of the transaction, the chief executive officer now owns 527,017 shares of the company’s stock, valued at approximately $3,536,284.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 18.60% of the company’s stock.
A number of institutional investors have recently bought and sold shares of FIT. BlackRock Inc. boosted its stake in shares of Fitbit by 35.2% during the 2nd quarter. BlackRock Inc. now owns 22,139,515 shares of the scientific and technical instruments company’s stock valued at $97,414,000 after buying an additional 5,763,694 shares during the period. DNB Asset Management AS boosted its stake in shares of Fitbit by 15.1% during the 3rd quarter. DNB Asset Management AS now owns 25,537,728 shares of the scientific and technical instruments company’s stock valued at $97,299,000 after buying an additional 3,342,738 shares during the period. Vanguard Group Inc. boosted its stake in shares of Fitbit by 7.4% during the 2nd quarter. Vanguard Group Inc. now owns 26,441,008 shares of the scientific and technical instruments company’s stock valued at $116,340,000 after buying an additional 1,814,654 shares during the period. Nuveen Asset Management LLC acquired a new stake in shares of Fitbit during the 2nd quarter valued at $3,903,000. Finally, Calamos Advisors LLC acquired a new stake in shares of Fitbit during the 4th quarter valued at $3,029,000. 52.89% of the stock is owned by hedge funds and other institutional investors.
Fitbit, Inc, a technology company, provides health solutions in the United States and internationally. The company offers a line of devices, including Fitbit Charge 3, Fitbit Surge, Fitbit Blaze, Fitbit Charge 2, Alta HR, Alta, Fitbit Ace, Fitbit Flex 2, Fitbit One, and Fitbit Zip activity trackers; Fitbit Ionic and Fitbit Versa smartwatches; Fitbit Aria 2 Wi-Fi smart scales; and a range of accessories, such as bands and frames for its devices, as well as Fitbit Flyer, a wireless headphone designed for fitness.
Further Reading: What is FinTech?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Fitbit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fitbit and related companies with MarketBeat.com's FREE daily email newsletter.