The stock of Fitbit Inc (NYSE:FIT) hit a new 52-week low and has $7.90 target or 7.00% below today’s $8.49 share price. The 6 months bearish chart indicates high risk for the $1.90B company. The 1-year low was reported on Nov, 9 by Barchart.com. If the $7.90 price target is reached, the company will be worth $133.00 million 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 7.43 million shares traded hands. Fitbit Inc (NYSE:FIT) has declined 41.45% since April 7, 2016 and is downtrending. It has underperformed by 46.24% the S&P500.
Fitbit Inc (NYSE:FIT) Ratings Coverage
Out of 24 analysts covering Fitbit (NYSE:FIT), 3 rate it a “Buy”, 3 “Sell”, while 18 “Hold”. This means 13% are positive. Fitbit has been the topic of 55 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The stock has “Hold” rating given by Stifel Nicolaus on Thursday, November 3. Piper Jaffray maintained it with “Overweight” rating and $60 target price in Monday, August 24 report. On Tuesday, September 15 the stock rating was initiated by Cleveland with “Neutral”. The company was downgraded on Thursday, November 3 by Citigroup. The rating was maintained by Cowen & Co with “Market Perform” on Thursday, April 21. The firm has “Market Perform” rating by Leerink Swann given on Thursday, November 3. On Tuesday, September 29 the stock rating was initiated by Sterne Agee CRT with “Neutral”. The rating was maintained by Leerink Swann on Thursday, January 7 with “Outperform”. The stock of Fitbit Inc (NYSE:FIT) earned “Hold” rating by Stifel Nicolaus on Tuesday, February 23. The firm earned “Underweight” rating on Thursday, November 3 by Piper Jaffray.
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: “4 Signs Fitbit Inc. Needs New Management” on November 08, 2016, also Investorplace.com with their article: “Fitbit Inc (FIT) Stock Pummeled, But It’s No One-Trick Pony” published on November 08, 2016, Fool.com published: “Why Fitbit Inc. Just Lost a Third of Its Value” on November 03, 2016. More interesting news about Fitbit Inc (NYSE:FIT) were released by: Investorplace.com and their article: “Fitbit Inc (FIT) Stock Shows a Dead Cat Bounce” published on November 07, 2016 as well as Investorplace.com‘s news article titled: “3 Problems That Are Killing Fitbit Inc (FIT) Stock” with publication date: November 09, 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).