Can Fitbit Inc’s Tomorrow Be Different? Option Trader Are Very Bearish

 Can Fitbit Inc's Tomorrow Be Different? Option Trader Are Very Bearish

In today’s session Fitbit Inc (FIT) recorded an unusually high (1,155) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the January, 2017 put, expecting serious FIT decrease. With 1,155 contracts traded and 32934 open interest for the Jan, 17 contract, it seems this is a quite bearish bet. The option with symbol: FIT170120P00012000 closed last at: $1.19 or 1.7% up. About 1.20 million shares traded hands. Fitbit Inc (NYSE:FIT) has declined 5.96% since March 15, 2016 and is downtrending. It has underperformed by 11.44% the S&P500.

Analysts await Fitbit Inc (NYSE:FIT) to report earnings on November, 7. They expect $0.11 earnings per share, down 42.11% or $0.08 from last year’s $0.19 per share. FIT’s profit will be $24.41M for 30.32 P/E if the $0.11 EPS becomes a reality. After $0.07 actual earnings per share 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 103.60% above today’s ($13.34) stock price. Fitbit has been the topic of 41 analyst reports since August 6, 2015 according to StockzIntelligence Inc. Leerink Swann maintained the stock with “Outperform” rating in Thursday, January 7 report. Barclays Capital upgraded the shares of FIT in a report on Monday, November 30 to “Overweight” rating. Cowen & Co initiated it with “Market Perform” rating and $38 target price in Thursday, September 10 report. As per Tuesday, February 23, the company rating was downgraded by Pacific Crest. The stock of Fitbit Inc (NYSE:FIT) has “Underweight” rating given on Thursday, September 29 by Pacific Crest. The firm earned “Overweight” rating on Monday, August 24 by Piper Jaffray. Mizuho initiated it with “Buy” rating and $38 target price in Friday, December 18 report. The firm earned “Buy” rating on Thursday, August 6 by Stifel Nicolaus. The stock of Fitbit Inc (NYSE:FIT) earned “Neutral” rating by Dougherty & Company on Thursday, August 6. The stock of Fitbit Inc (NYSE:FIT) earned “Overweight” rating by Barclays Capital on Wednesday, February 24.

According to Zacks Investment Research, “Fitbit Inc. manufactures and markets wearable fitness-tracking devices. The Company’s product consists of Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Aria. It also offers accessories which include bands and clips, charging cables and Fitbit apparel. Fitbit Inc. is headquartered in San Francisco, California.”

Fitbit, Inc. is a provider of health and fitness devices. The company has a market cap of $2.96 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 27 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.

FIT Company Profile

Fitbit, Inc., incorporated on March 26, 2007, is a well-known provider of health and fitness devices. 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. The Company’s core platform includes over eight wearable connected health and fitness trackers. It offers various fitness devices, including Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Blaze, Fitbit Charge HR, Fitbit Surge and Aria. The Company’s platform includes wearable connected health and fitness trackers, which are wrist and clippable devices that automatically track users daily steps, calories burned, distance traveled, and active minutes and display real-time feedback. The Company’s trackers also measure sleep duration and quality. The Company’s products track heart rate and global positioning system (GPS) information, such as speed, distance and exercise routes. In addition, it offers a wireless fidelity (Wi-Fi) connected scale that records weight, body fat and body mass index (BMI).

More notable recent Fitbit Inc (NYSE:FIT) news were published by: Fool.com which released: “Are Fitbit Inc’s Corporate Wellness Figures Misleading?” on October 11, 2016, also Fool.com with their article: “Can Fitbit Inc. Bounce Back After Falling 50% in 2016?” published on October 03, 2016, Fool.com published: “The Fitbit Inc and Jawbone Legal Battle Continues” on September 22, 2016. More interesting news about Fitbit Inc (NYSE:FIT) were released by: Learnbonds.com and their article: “Fitbit Inc (FIT) Isn’t Making You Healthier: Study” published on October 12, 2016 as well as Investorplace.com‘s news article titled: “Here’s Why Fitbit Inc Stock Tanked (FIT)” with publication date: September 30, 2016.

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