The stock of Fitbit Inc (NYSE:FIT) hit a new 52-week low and has $7.97 target or 8.00% below today’s $8.66 share price. The 7 months bearish chart indicates high risk for the $1.89B company. The 1-year low was reported on Nov, 3 by Barchart.com. If the $7.97 price target is reached, the company will be worth $151.20M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 51.63M shares traded hands or 562.77% 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 $24.01 million for 19.68 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. Piper Jaffray downgraded it to “Neutral” rating and $14 target price in Tuesday, February 23 report. Oppenheimer initiated the shares of FIT in a report on Tuesday, February 2 with “Outperform” rating. The firm has “Overweight” rating by Barclays Capital given on Monday, November 30. On Thursday, January 21 the stock rating was maintained by Stifel Nicolaus with “Buy”. The firm has “Sector Weight” rating given on Tuesday, February 23 by Pacific Crest. The firm has “Underweight” rating by Pacific Crest given on Thursday, September 29. On Thursday, August 6 the stock rating was downgraded by Dougherty & Company to “Neutral”. Suntrust Robinson maintained the shares of FIT in a report on Tuesday, February 23 with “Buy” rating. The firm earned “Overweight” rating on Tuesday, September 15 by Pacific Crest. As per Thursday, September 10, the company rating was initiated by Cowen & Co.
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, Seekingalpha.com published: “Fitbit: Value After The Hype” on October 31, 2016. More interesting news about Fitbit Inc (NYSE:FIT) were released by: Fool.com and their article: “Are Fitbit Inc’s Corporate Wellness Figures Misleading?” published on October 11, 2016 as well as Businesswire.com‘s news article titled: “FITBIT INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn …” with publication date: October 29, 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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