The stock of Fitbit Inc (NYSE:FIT) reached all time low today, Nov, 3 and still has $8.00 target or 6.00% below today’s $8.51 share price. This indicates more downside for the $1.86 billion company. This technical setup was reported by Barchart.com. If the $8.00 PT is reached, the company will be worth $111.60M less.
Trading stocks at an all time low is not easy. Stock at an all time low usually experience even more downside due to very negative fundament. Even thought the pullback rate is high, shorting is not an easy job because the risk of being wrong is big and the risk-reward ratio is always worse than if trading lon only. The stock decreased 33.57% or $4.3 during the last trading session, hitting $8.51. About 72.75M shares traded hands or 833.89% up from the average. Fitbit Inc (NYSE:FIT) has declined 14.14% since April 1, 2016 and is downtrending. It has underperformed by 15.36% 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 $24.04 million for 19.34 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. Fitbit has been the topic of 41 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The rating was upgraded by Barclays Capital on Monday, November 30 to “Overweight”. The firm has “Hold” rating given on Tuesday, February 23 by Stifel Nicolaus. Oppenheimer initiated Fitbit Inc (NYSE:FIT) on Tuesday, February 2 with “Outperform” rating. Morgan Stanley upgraded the stock to “Overweight” rating in Tuesday, September 8 report. RBC Capital Markets maintained the shares of FIT in a report on Wednesday, January 6 with “Outperform” rating. The rating was maintained by Leerink Swann on Thursday, August 6 with “Outperform”. The stock has “Underweight” rating given by Pacific Crest on Thursday, September 29. The stock of Fitbit Inc (NYSE:FIT) earned “Neutral” rating by Dougherty & Company on Thursday, August 6. The firm has “Buy” rating by Citigroup given on Wednesday, January 27. RBC Capital Markets maintained Fitbit Inc (NYSE:FIT) rating on Thursday, August 6. RBC Capital Markets has “Outperform” rating and $53 price target.
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.”
More notable recent Fitbit Inc (NYSE:FIT) news were published by: Fool.com which released: “Why Fitbit Inc. Just Lost a Third of Its Value” on November 03, 2016, also Fool.com with their article: “Better Buy: Fitbit Inc vs. GoPro” published on October 25, 2016, Fool.com published: “Are Fitbit Inc’s Corporate Wellness Figures Misleading?” on October 11, 2016. More interesting news about Fitbit Inc (NYSE:FIT) were released by: Seekingalpha.com and their article: “Fitbit: Value After The Hype” published on October 31, 2016 as well as Ibtimes.com‘s news article titled: “Fitbit Inc. (FIT) Earnings Preview: With Wearable Market More Crowded, Shares …” with publication date: November 01, 2016.
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).
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