Fitbit Inc Is a Buy; Strong Momentum from Option Traders


 Fitbit Inc Is a Buy; Strong Momentum from Option Traders

In today’s session Fitbit Inc (FIT) registered an unusually high (515) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the January, 2017 call, expecting serious FIT increase. With 515 contracts traded and 18814 open interest for the Jan, 17 contract, it seems this is a quite bullish bet. The option with symbol: FIT170120C00024000 closed last at: $0.33 or 6.5% up. About 5.77M shares traded hands. Fitbit Inc (NYSE:FIT) has risen 19.10% since March 1, 2016 and is uptrending. It has outperformed by 9.85% the S&P500.

Analysts await Fitbit Inc (NYSE:FIT) to report earnings on November, 7. They expect $0.11 EPS, down 42.11% or $0.08 from last year’s $0.19 per share. FIT’s profit will be $24.28 million for 33.57 P/E if the $0.11 EPS becomes a reality. After $0.07 actual EPS reported by Fitbit Inc for the previous quarter, Wall Street now forecasts 57.14% EPS growth.

Fitbit Inc (NYSE:FIT) Ratings Coverage

Out of 22 analysts covering Fitbit (NYSE:FIT), 12 rate it a “Buy”, 1 “Sell”, while 9 “Hold”. This means 55% are positive. $79 is the highest target while $14 is the lowest. The $27.16 average target is 83.89% above today’s ($14.77) stock price. Fitbit has been the topic of 41 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The firm has “Overweight” rating by Morgan Stanley given on Tuesday, September 8. Barclays Capital maintained the shares of FIT in a report on Wednesday, February 24 with “Overweight” rating. The rating was upgraded by Vetr to “Sell” on Friday, August 7. The company was downgraded on Tuesday, February 23 by Stifel Nicolaus. The firm has “Outperform” rating given on Monday, January 25 by RBC Capital Markets. The stock of Fitbit Inc (NYSE:FIT) earned “Outperform” rating by Raymond James on Thursday, January 21. Barclays Capital upgraded the shares of FIT in a report on Monday, November 30 to “Overweight” rating. The firm has “Neutral” rating given on Tuesday, February 23 by Barid. The firm has “Neutral” rating by Robert W. Baird given on Tuesday, February 23. Dougherty & Company downgraded Fitbit Inc (NYSE:FIT) on Thursday, August 6 to “Neutral” rating.

Fitbit, Inc. is a provider of health and fitness devices. The company has a market cap of $3.26 billion. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts. It has a 29.79 P/E ratio. It offers various fitness devices, including Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Blaze, Fitbit Charge HR, Fitbit Surge and Aria.

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