Notable Mover: Fitbit Inc Just Reaches All-Time Low?

Notable Mover: Fitbit Inc Just Reaches All Time Low?

The stock of Fitbit Inc (NYSE:FIT) reached all time low today, Nov, 29 and still has $7.86 target or 5.00% below today’s $8.27 share price. This indicates more downside for the $1.83 billion company. This technical setup was reported by Barchart.com. If the $7.86 PT is reached, the company will be worth $91.50 million 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. About 7.39M shares traded hands. Fitbit Inc (NYSE:FIT) has declined 51.70% since April 26, 2016 and is downtrending. It has underperformed by 56.96% the S&P500.

Analysts await Fitbit Inc (NYSE:FIT) to report earnings on February, 27. They expect $0.10 earnings per share, down 65.52% or $0.19 from last year’s $0.29 per share. FIT’s profit will be $22.13M for 20.68 P/E if the $0.10 EPS becomes a reality. After $0.13 actual earnings per share reported by Fitbit Inc for the previous quarter, Wall Street now forecasts -23.08% negative EPS growth.

Fitbit Inc (NYSE:FIT) Ratings Coverage

Out of 24 analysts covering Fitbit (NYSE:FIT), 3 rate it a “Buy”, 2 “Sell”, while 19 “Hold”. This means 13% are positive. Fitbit has been the topic of 56 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The stock of Fitbit Inc (NYSE:FIT) earned “Outperform” rating by Raymond James on Thursday, January 21. Morgan Stanley downgraded Fitbit Inc (NYSE:FIT) rating on Thursday, November 3. Morgan Stanley has “Equal-Weight” rating and $11 price target. Longbow initiated Fitbit Inc (NYSE:FIT) on Thursday, March 31 with “Buy” rating. Pacific Crest upgraded Fitbit Inc (NYSE:FIT) on Wednesday, November 16 to “Sector Weight” rating. On Thursday, January 21 the stock rating was maintained by Stifel Nicolaus with “Buy”. The firm has “Outperform” rating by RBC Capital Markets given on Monday, January 25. The firm earned “Neutral” rating on Tuesday, September 15 by Cleveland. Barclays Capital upgraded Fitbit Inc (NYSE:FIT) rating on Monday, November 30. Barclays Capital has “Overweight” rating and $49 price target. Stifel Nicolaus maintained the shares of FIT in a report on Thursday, August 6 with “Buy” rating. The company was downgraded on Thursday, November 3 by SunTrust.

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: Valuewalk.com which released: “Fitbit Inc, GoPro Inc, Tesla Motors Inc, SolarCity Corp: Hot Short Positions” on November 29, 2016, also Marketwatch.com with their article: “Fitbit stock tanks as manufacturing woes, slower demand batter holiday sales” published on November 02, 2016, Fool.com published: “4 Signs Fitbit Inc. Needs New Management” on November 08, 2016. More interesting news about Fitbit Inc (NYSE:FIT) were released by: Investorplace.com and their article: “Fitbit Inc (FIT) Stock Is Near a Palatable Valuation, But Don’t Buy!” published on November 22, 2016 as well as Fool.com‘s news article titled: “Better Buy: Fitbit Inc vs. Nike Inc” with publication date: November 15, 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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